Sec. 1. (a) The commissioner shall determine, within forty-five (45) days after the later of: (1) the submission of an application for approval of a plan of conversion; or (2) the submission of any amendment to the application; whether the application is complete. (b) Upon determining that the application is complete, the commissioner shall designate […]
Sec. 2. The commissioner shall hold a public hearing upon the plan of conversion and the amendment to the articles of incorporation. The purpose of the public hearing shall be to receive comments and information to aid the commissioner in considering and approving or disapproving the application for approval of the plan of conversion and […]
Sec. 3. The public hearing shall commence within sixty (60) days after the date on which the commissioner determines the application is complete, unless the converting mutual requests, and the commissioner agrees to, a longer period. In the event that an amendment to the plan of conversion or the application for approval is filed with […]
Sec. 4. (a) The converting mutual shall provide at least thirty (30) days prior written notice of the hearing to its members and other policyholders as of the date its board of directors adopted the resolution proposing the plan of conversion. (b) The notice must include the following: (1) A brief statement of the subject […]
Sec. 5. (a) The converting mutual shall cause notice of the public hearing to be published in a newspaper of general circulation in the city where the principal office of the converting mutual is located, in Indianapolis, and in any other city specified by the commissioner at the time the commissioner determines that the application […]
Sec. 6. The hearing shall be conducted by the commissioner or by the commissioner’s designee, consistent with the procedures described in IC 4-22-2-26. As added by P.L.94-1999, SEC.3.
Sec. 7. (a) The commissioner shall fully consider any comments received at a required hearing consistent with IC 4-22-2-27 before issuing an order approving or disapproving the application, plan of conversion, and amendment to the articles of incorporation. (b) The commissioner’s order or determination shall: (1) be issued within thirty (30) days after the last […]
Sec. 8. The commissioner shall approve the application and permit the conversion under the plan of conversion and the amendment to the articles of incorporation if the commissioner finds, following the public hearing, if required: (1) that the amount and form of consideration is fair in the aggregate and to each member class; (2) that […]
Sec. 9. The commissioner may waive the requirement of section 8(3) of this chapter upon a showing of good cause. As added by P.L.94-1999, SEC.3.
