Sec. 3. As used in this chapter, "short term insurance plan" means a policy of accident and sickness insurance (as defined in IC 27-8-5-1) that:
(1) may be renewed for the greater of:
(A) thirty-six (36) months; or
(B) the maximum period permitted under federal law;
(2) has a term of not more than three hundred sixty-four (364) days; and
(3) has an annual limit of at least two million dollars ($2,000,000).