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 […]
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.