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 […]
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 […]
27-15-6-1. Consummation of Plan
Sec. 1. After the proposed plan of conversion and amendment to the converting mutual’s articles of incorporation are approved by the commissioner and approved by the members under this article, the converting mutual may proceed to consummate the plan and comply with IC 27-1-8. As added by P.L.94-1999, SEC.3.