27-15-4-9. Waiver of Findings for Application Approval
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.
27-15-2-1. Commencement of Demutualization
Sec. 1. The board of directors of the converting mutual shall commence the demutualization process by adopting a resolution that proposes: (1) the amendment of its articles of incorporation under IC 27-1-8-2; and (2) a plan of conversion. As added by P.L.94-1999, SEC.3.
27-15-5-1. Submission of Plan to Vote
Sec. 1. The proposed plan of conversion and amendment to the articles of incorporation of the converting mutual shall be submitted to a vote of the members of the converting mutual, as provided in IC 27-1-8-3 and in this chapter. As added by P.L.94-1999, SEC.3.
27-15-2-2. Required Provisions
Sec. 2. The plan of conversion, other than a simple plan of conversion, must do the following in accordance with this article: (1) Describe the manner in which the proposed conversion will occur and the insurance and any other companies that will result from or be directly affected by the conversion, including the former mutual […]
27-15-2-3. Adoption of Simple Plan of Conversion
Sec. 3. (a) The board of directors of the converting mutual may adopt a simple plan of conversion under this section. The simple plan of conversion must include the following: (1) The distribution to the eligible members, upon the extinguishing of their membership interests, of all of the initial issue of the voting common stock […]
27-15-3-1. Filing With Commissioner
Sec. 1. After the adoption by the board of directors of the resolution proposing the plan of conversion under IC 27-15-2 and the amendment to its articles of incorporation, the converting mutual shall file with the commissioner an application for approval of the plan and amendment. As added by P.L.94-1999, SEC.3.
27-15-3-2. Content of Application
Sec. 2. The application must contain the following information, together with such additional information as the commissioner may require: (1) The plan of conversion and a certificate of the secretary of the converting mutual certifying the adoption of the plan by the board of directors. (2) A statement of the reasons for the proposed conversion […]
27-15-3-3. Content Excepted From Simple Plan of Conversion
Sec. 3. Notwithstanding section 2 of this chapter, the opinion described in section 2(10) of this chapter is not required under this chapter if the converting mutual utilizes a simple plan of conversion. As added by P.L.94-1999, SEC.3.
27-15-3-4. Actuarial Opinion Requirements
Sec. 4. The actuarial opinion required by this chapter shall be: (1) provided and signed by a qualified and independent actuary who is a member of the American Academy of Actuaries; (2) given in accordance with professional standards and practices generally accepted by the actuarial profession and those other factors as the actuary believes are […]
27-15-1-6. “Converting Mutual”
Sec. 6. “Converting mutual” means a domestic mutual insurance company that has adopted a plan of conversion and an amendment to its articles of incorporation under this article that will, upon consummation, result in the domestic mutual insurance company converting into a domestic stock insurance company. As added by P.L.94-1999, SEC.3.