Sec. 1. (a) If a domestic mutual insurance company: (1) is insolvent, as defined in IC 27-9-1-2(o); (2) does not meet the minimum surplus requirements of IC 27-1-6-15; or (3) in the judgment of the commissioner, is in a hazardous financial condition; its board of directors may adopt, and the commissioner may approve, any plan […]
Sec. 2. The application for approval of a plan of conversion and an amendment to the articles of incorporation described in section 1 of this chapter must include a description of how the converting mutual will meet the statutory surplus and capital requirements on the date the plan of conversion is completed, which may involve […]
Sec. 3. The commissioner shall approve the application and permit the conversion under a plan of conversion and an amendment to the articles of incorporation described in this chapter if the commissioner finds, following a public hearing, that the plan of conversion and the amendment to the articles of incorporation are in the best interests […]
Sec. 4. The requirements of this chapter are in addition to, and may be combined with, any other filings, approvals, or hearings required by IC 27-1-23 or otherwise by law. As added by P.L.94-1999, SEC.3.
