27-15-11-6. Methods for Assignment or Designation of Assets
Sec. 6. The plan of operation must specify the following: (1) The method of assignment of closed block assets referred to in section 5 of this chapter that is being used. (2) The methods by which the designations of assets or portions of assets are changed during the course of closed block operations. As added […]
27-15-11-7. Conditions for Ceasing Maintenance of Closed Block
Sec. 7. The plan of operation must provide for the conditions under which the former mutual, with the approval of the commissioner, may cease to maintain the closed block. As added by P.L.94-1999, SEC.3.
27-15-11-8. Annual Reports and Reviews of Former Mutual
Sec. 8. The former mutual shall: (1) submit to the commissioner annual reports, in a form acceptable to the commissioner, that account for and describe the operations of the closed block; and (2) as specified in the plan of operation, provide at least every three (3) years for reviews of, and reports and opinions on, […]
27-15-12-1. Delay of Distribution
Sec. 1. All or part of the consideration to be distributed to some or all of the eligible members may be delayed by more than six (6) months following the effective date of the plan of conversion if: (1) the plan of conversion includes a provision for the establishment of a trust for that purpose; […]
27-15-12-2. Formation of Trust Under Trust Agreement; Beneficiaries; Satisfaction of Claims; Reports
Sec. 2. (a) At the effective date of the plan of conversion, assets adequate to satisfy a claim described in section 1 of this chapter, consisting of the consideration that otherwise would be distributed directly to eligible members, must be placed in trust under a trust agreement in a form approved by the commissioner. The […]
27-15-13-1. Acquisition of Beneficial Ownership; Limitations
Sec. 1. (a) Except as specifically provided in a plan of conversion, for five (5) years following the effective date of the conversion no person or persons acting in concert (other than the former mutual, any parent company, or any employee benefit plans or trusts sponsored by the former mutual or a parent company) shall […]
27-15-13-2. Acquisition of Beneficial Ownership; Factors for Approval Procedure
Sec. 2. (a) The commissioner may not approve an acquisition under section 1(a) of this chapter unless the commissioner finds that: (1) the requirements of IC 27-1-23-2(e) will be satisfied; (2) the acquisition will not frustrate the plan of conversion or the amendment to the articles of incorporation as approved by the members and the […]
27-15-13-3. Voting of Securities Subject to Acquisition
Sec. 3. A security that is: (1) the subject of any agreement or arrangement regarding acquisition; or (2) held, acquired, or is to be acquired; in contravention of this chapter or of an order of the commissioner, may not be voted at any shareholders’ meeting. Any action of shareholders requiring the affirmative vote of a […]
27-15-13-4. Supplemental Nature of Provisions
Sec. 4. The requirements of this chapter are in addition to any other filings or approvals required by IC 27-1-23 or otherwise by law. As added by P.L.94-1999, SEC.3.
27-15-10-1. Purpose of Provisions; Prohibitions
Sec. 1. (a) The sole purpose of any dividend preservation provision shall be to provide for reasonable policyholder dividend expectations on policies that provide for the distribution of policy dividends. (b) No dividend preservation provision in a plan under this article shall be permitted: (1) to be a substitute for the distribution of consideration to […]