27-15-14-1. Qualifications for Modified Conversion; Waivers or Modifications of Notice Requirements
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 […]
27-15-10-2. Limitations on Provisions
Sec. 2. Any dividend preservation provision may be limited to participating individual life insurance policies and participating individual annuity contracts in force or considered to be in force by the plan of conversion on the effective date of the plan of conversion for which the mutual insurer has an experience based dividend scale due, paid, […]
27-15-14-2. Application for Approval; Required Descriptions
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 […]
27-15-11-1. Applicability of Chapter
Sec. 1. This chapter applies if a closed block is used for the preservation of the reasonable dividend expectations of eligible members and other policyholders. As added by P.L.94-1999, SEC.3.
27-15-14-3. Approval of Application; Public Hearing
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 […]
27-15-11-2. Preparation of Written Plan of Operation
Sec. 2. The converting mutual shall prepare a written plan of operation for the closed block, consistent with the requirements of this article. As added by P.L.94-1999, SEC.3.
27-15-14-4. Supplemental Requirements for Modified Conversion
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.
27-15-11-3. Operation of Closed Block; Nonreversion of Assets
Sec. 3. The closed block shall be operated for the exclusive benefit of policies and contracts included in it. No costs or expenses incurred in connection with the conversion shall be charged to the closed block. Subject to termination of the closed block under section 7 of this chapter, none of the assets allocated to […]
27-15-11-4. Sufficiency of Assets
Sec. 4. The assets allocated to the closed block, together with the revenue from the closed block, must be reasonably sufficient to: (1) support the business in the closed block until the time the last policy in the closed block has terminated, including payment of claims and those expenses and taxes as are specified in […]
27-15-11-5. Designation of Assets
Sec. 5. The assets assigned to a closed block shall be specified in the plan of operation and must consist of: (1) a list of designated assets of the converting mutual’s general account or specified segments of the converting mutual’s general account, which list shall change periodically to reflect the acquisition and disposition of assets; […]