reglab/housing_qa huggingface dataset:
IN Code § 27-15-9-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 9. Formula for Allocation of Consideration Among Members|27-15-9-2. Applicable Actuarial Principles

Sec. 2. Any method used or formula developed for the fair and equitable allocation of stock among eligible members under this article must utilize generally accepted actuarial principles.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-10-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 10. Dividend Preservation|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 eligible members upon extinguishing their membership interests as required by this article; or(2) to diminish any contractual rights to a dividend that a member or policyholder may have.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-10-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 10. Dividend Preservation|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, or accrued by action of the board of directors of the converting mutual in the year in which the plan of reorganization is adopted. However:(1) policies that would be included but for the fact that their recent issuance results in no dividends for an initial period may be included;(2) policies that are in force as extended term insurance may be included; and(3) other categories of policies and benefits not described in this subsection may be included or excluded, subject to the approval of the commissioner.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-11-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 11. Use of a Closed Block|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.
IN Code § 27-15-11-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 11. Use of a Closed Block|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.
IN Code § 27-15-11-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 11. Use of a Closed Block|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 the closed block or the revenue derived from those assets may revert to the benefit of the stockholders of the former mutual or any parent company.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-11-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 11. Use of a Closed Block|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 the plan of conversion; and(2) provide for:(A) continuation of dividend scales in effect on the date the board of directors adopted the resolution proposing the plan of conversion, if the experience underlying those scales continues; and(B) appropriate adjustments in the scales if the experience changes.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-11-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 11. Use of a Closed Block|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;(2) a designated portion of each and every asset of the converting mutual's general account or specified segments of the converting mutual's general account, which portion shall change periodically to reflect the cash flows of the closed block; or(3) assets designated by a combination of the methods described in this section.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-11-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 11. Use of a Closed Block|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 by P.L.94-1999, SEC.3.
IN Code § 27-15-11-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 11. Use of a Closed Block|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.
IN Code § 27-15-11-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 11. Use of a Closed Block|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, the closed block by an independent actuary, unless otherwise directed by the commissioner.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-12-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 12. Effect of Pending Claims on the Distribution of Consideration to Members|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; and(2) one (1) or more of the following claims have been asserted against a converting mutual and remain unresolved at the effective date of the plan of conversion:(A) A claim seeking the imposition of a constructive or charitable trust on assets of the converting mutual for the benefit of policyholders, members, or other identified or unidentified persons.(B) A claim seeking distribution or return of assets, or other form of compensation, from the converting mutual to policyholders, members, or other identified or unidentified persons.(C) A claim that arises out of or relates to the ownership interest of members of the converting mutual, or to the value of their ownership interests, including any claim that challenges a statutory transaction engaged in by the converting mutual before the effective date of the plan of conversion.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-12-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 12. Effect of Pending Claims on the Distribution of Consideration to Members|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 trustee or trustees of the trust shall:(1) be appointed by the board of directors of the converting mutual, subject to disapproval of any trustee by the commissioner; and(2) consist of one (1) or more institutions authorized by Indiana law to act as corporate trustees.(b) The beneficiaries of the trust:(1) are the eligible members who, in the absence of the claims, would have been entitled to the consideration placed in the trust; and(2) may consist of all of the eligible members or specified classes or groups of eligible members.(c) Assets of the trust shall be made available to pay or otherwise satisfy the claims for which the trust has been established, the expenses of the trust in contesting or resolving those claims, and any other reasonable expenses of the trust. Upon final resolution of the claims, by judgment, settlement or otherwise, or at such other times as may be provided for in the trust agreement, the remaining assets of the trust shall be distributed to the beneficiaries in accordance with their respective interests in the trust.(d) Until the trust has been terminated, the trustee or trustees shall prepare reports not less frequently than annually, upon termination of the trust, and at such other times as may be requested by the commissioner or the former mutual. The reports must contain information regarding the financial condition of the trust and the status of any resolved and pending claims. The reports shall be provided to the commissioner and the former mutual and the reports or summary reports shall be mailed at least annually to the beneficiaries of the trust at the expense of the trust.(e) An interest in a trust established under this section does not constitute a security under Indiana law.(f) The establishment of a trust or pendency of any claim described in this chapter shall not delay or affect the effectiveness of a plan of conversion or an amendment to the articles of incorporation.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-13-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 13. Initial Limits on Ownership of Shares|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 directly or indirectly acquire, or agree or offer to acquire, in any manner the beneficial ownership of five percent (5%) or more of the outstanding shares of any class of a voting security of the former mutual or any parent company without the prior approval by the commissioner of a statement filed by that person with the commissioner.(b) The statement described in subsection (a) must contain the information required by IC 27-1-23-2(b) and any other information required by the commissioner.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-13-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 13. Initial Limits on Ownership of Shares|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 commissioner;(3) the boards of directors of the former mutual and any parent company have approved the acquisition; and(4) the acquisition would be in the best interest of the present and future policyholders of the former mutual without regard to any interest of policyholders as shareholders of the former mutual or any parent company.(b) The commissioner shall adopt rules under IC 4-22-2 to establish a procedure under which an institutional investor that is not affiliated with the former mutual or a parent company may be considered to have been approved by the commissioner under this section to acquire beneficial ownership of at least five percent (5%) or less than ten percent (10%) of the outstanding shares of any class of a voting security of the former mutual or any parent company upon the filing with the commissioner of:(1) a certificate executed by appropriate officers of the former mutual and any parent company certifying that:(A) the acquisition has been approved by the boards of directors of the former mutual and any parent company; and(B) the institutional investor is not an affiliate of the former mutual or any parent company; and(2) a certificate executed by appropriate officers of the institutional investor:(A) certifying that the institutional investor will acquire the shares in the ordinary course of its business and not with the purpose nor with the effect of changing or influencing the control, management, or policies of the former mutual or the parent company;(B) certifying that the institutional investor is not an affiliate of the former mutual or any parent company; and(C) undertaking to notify the commissioner and the former mutual and any parent company in writing not less than twenty (20) business days before any change in the matters certified.The commissioner may require the filing of any other information the commissioner considers necessary and may provide in the rules for remedies or consequences upon receipt of a notice under subdivision (2)(C), including divestiture and denial of voting rights.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-13-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 13. Initial Limits on Ownership of Shares|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 percentage of shares may be taken as though the securities were not issued and outstanding. However, no action taken at a meeting shall be invalidated by the voting of those securities unless the action would materially affect control of the former mutual or a person that owns or controls a majority or all of the voting securities of the former mutual or unless the courts of this state have so ordered.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-13-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 13. Initial Limits on Ownership of Shares|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.
IN Code § 27-15-14-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 14. Modified Conversion Requirements for Companies in Hazardous Financial Condition|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 of conversion and amendment to the articles of incorporation that, on the effective date of the conversion, would provide for the former mutual to have paid-in capital stock and surplus in an amount not less than the minimum requirements of IC 27-1-6-14(c) and IC 27-1-6-14(e) and an RBC level greater than its company action RBC level.(b) The commissioner may allow waivers or material modifications of the requirement to give any notices to members and policyholders, to obtain member approval of the proposed plan of conversion or amendment to the articles of incorporation of the converting mutual, or to distribute consideration to members if the value of a converting mutual described in subsection (a) does not in the judgment of the commissioner warrant any such notices, approvals, or distribution under the circumstances, including the expenses involved in a distribution of consideration.As added by P.L.94-1999, SEC.3. Amended by P.L.72-2016, SEC.27.
IN Code § 27-15-14-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 14. Modified Conversion Requirements for Companies in Hazardous Financial Condition|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 the issuance and sale directly to one (1) or more purchasers of the capital stock of the former mutual or of a parent company.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-14-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 14. Modified Conversion Requirements for Companies in Hazardous Financial Condition|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 of the members and policyholders of the converting mutual, without regard to their membership interests.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-14-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 14. Modified Conversion Requirements for Companies in Hazardous Financial Condition|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.
IN Code § 27-15-15-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 15. Judicial Review|27-15-15-1. Petition for Review

Sec. 1. A person who is aggrieved by an agency action of the commissioner under this article may petition for judicial review of the action under IC 4-21.5-5.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-15-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 15. Judicial Review|27-15-15-2. Time for Filing Petitions

Sec. 2. All petitions for judicial review of, and any action challenging the validity of or arising out of:(1) the approval or disapproval of; or(2) any action proposed to be taken under;any order or determination of the commissioner in connection with a plan of conversion under this article must be filed not later than thirty (30) days after the order or determination is issued by the commissioner.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-15-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 15. Judicial Review|27-15-15-3. Action to Compel Determination

Sec. 3. A person who is aggrieved by a failure of the commissioner to act or make a determination required by this article may bring an action for mandate in the circuit court of Marion County to compel the commissioner to act or make the determination.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-16-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 16. Miscellaneous Provisions|27-15-16-1. Parent Company

Sec. 1. A parent company under this article:(1) shall locate its executive offices in Indiana;(2) shall employ at least five hundred (500) persons or a substantial percentage of its workforce in Indiana;(3) shall be organized under the laws of Indiana; and(4) may be:(A) a corporation organized for the purpose of serving as a holding company for the former mutual or a corporation that, before the conversion, was a subsidiary of the converting mutual; or(B) any other existing or newly created corporation.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-16-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 16. Miscellaneous Provisions|27-15-16-2. Rules

Sec. 2. The commissioner may adopt rules under IC 4-22-2 necessary for the administration of this article.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-16-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 16. Miscellaneous Provisions|27-15-16-3. Hiring Professionals Necessary to Assist Commissioner's Review

Sec. 3. (a) The commissioner may, at the expense of a converting mutual that has:(1) filed an application under this article;(2) notified the commissioner of its intention to file an application under this article; or(3) adopted a resolution proposing a simple plan of conversion under this article;hire accountants, actuaries, attorneys, financial advisors, investment bankers, and other experts that are necessary to assist the commissioner in reviewing all matters under this article.(b) The commissioner may at any time require the converting mutual to deposit an amount of money with the department in anticipation of expenses to be incurred by the commissioner under this section.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-16-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 16. Miscellaneous Provisions|27-15-16-4. Failure to Give Notice; Good Faith Exception

Sec. 4. If a converting mutual complies substantially and in good faith with this article with respect to any required notice to members and policyholders, its failure in any case to give the notice to any person entitled to notice does not:(1) impair the validity of actions taken under this article; or(2) entitle the person to any injunctive or other relief.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-16-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 16. Miscellaneous Provisions|27-15-16-5. Abandonment of Plan of Conversion

Sec. 5. At any time before the effective date of the plan of conversion, the plan may be abandoned under provisions included in the plan of conversion filed under this article.As added by P.L.94-1999, SEC.3.