Sec. 2. (a) A farm mutual insurance company that holds a certificate of authority to do business in Indiana on June 30, 2003, is a standard company under this article unless the farm mutual insurance company:
(1) elects to become an extended company under IC 27-5.1-4; and
(2) is authorized by the commissioner to do business as an extended company.
(b) A standard company described in subsection (a) may elect to become an extended company at any time by:
(1) complying with IC 27-5.1-4-2(b); and
(2) submitting to an examination that may be conducted at the discretion of the commissioner.
(c) An election made under this section is effective upon the date the commissioner issues a new certificate of authority.