reglab/housing_qa huggingface dataset:
IN Code § 27-14-1-26 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-26. "Net Income"

Sec. 26. "Net income" means an amount equal to the consolidated net income of the company for which the determination is being made, determined in accordance with generally accepted accounting principles on a basis consistent with prior periods, less net realized investment gains (reduced by capital gains tax, if any) on the sale of investments (including real estate) that were held as of the effective date of the plan of reorganization by a former MIC. For purposes of this section, "net realized investment gains" means an amount equal to realized investment gains less realized investment losses (reduced by capital gains tax, if any) for the same accounting period for all investments (including real estate) held as of the effective date of the plan of reorganization as determined in accordance with generally accepted accounting principles on a basis consistent with prior periods. The cumulative total of net realized investment gains after the effective date of the plan of reorganization that are applied to reduce one (1) or more years of net income for the purposes of this section and IC 27-14-3-11(e) shall not exceed the net unrealized investment gains as of the effective date of the plan of reorganization. For purposes of this section, "net unrealized investment gains" mean unrealized investment gains less unrealized investment losses (as adjusted for deferred income taxes) as of the effective date of the plan of reorganization.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-1-27 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-27. "Ordinary Course of the Insurance Business"

Sec. 27. "Ordinary course of the insurance business" includes but is not limited to the following actions and activities of the MIHC and its subsidiaries:(1) Operations, practices, and procedures of the company in effect prior to the effective date of the plan of reorganization.(2) Operations, practices, and procedures that are consistent with industry practices and standards used or in effect at any relevant time.(3) The payment of obligations due under any surplus note issued by the company with the approval of the commissioner.(4) Expanding the business of any company into other insurance, insurance-related, and financial services businesses.Any expansion in the ordinary course of the insurance business may be accomplished through acquisition, merger, consolidation, strategic alliance, joint venture, or other business combination.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-1-28 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-28. "Outside Director"

Sec. 28. (a) "Outside director" means an individual who:(1) is a member of a board of:(A) an MIHC;(B) a stock holding company; or(C) a reorganized insurer;(2) is not and has not been within the last three (3) years an officer of, an employee of, or a consultant to the entity or any affiliate of the entity referred to in subdivision (1), of whose board the individual is a member;(3) with respect to a director of an MIHC that does not, directly or indirectly, own all of the stock of each of its reorganized insurers, is not and has not been within the last three (3) years a director of a stock holding company or a reorganized insurer that is affiliated with the MIHC; and(4) is not a spouse of or a member of the immediate family who shares the same household with an officer of, an employee of, or a consultant to the entity or any affiliate of the entity referred to in subdivision (1), of whose board the individual is a member.(b) For purposes of this section, a consultant is an individual who directly derives more than thirty-three percent (33%) of the consultant's income in any calendar year from the MIHC or an affiliate of the MIHC or an associate of a person who derives more than thirty-three percent (33%) of its income in any calendar year from the MIHC or any affiliate of the MIHC.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-1-29 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-29. "Participating Policy"

Sec. 29. "Participating policy" means a policy providing for the distribution of policy dividends.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-1-30 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-30. "Person"

Sec. 30. "Person" means any of the following:(1) An individual.(2) A group of individuals acting in concert.(3) A trust.(4) An association.(5) A partnership.(6) A limited liability company.(7) A corporation.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-1-31 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-31. "Plan"

Sec. 31. "Plan" means a plan:(1) of reorganization; or(2) to issue stock.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-1-32 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-32. "Plan of Reorganization"

Sec. 32. "Plan of reorganization" means a plan adopted under IC 27-14-2.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-1-33 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-33. "Plan to Issue Stock"

Sec. 33. "Plan to issue stock" means a plan to issue shares of a stock holding company or a reorganized insurer adopted under IC 27-14-4.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-1-34 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-34. "Policy"

Sec. 34. "Policy" means a contract providing one (1) or more of the kinds of insurance described in IC 27-1-5-1.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-1-35 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-35. "Reorganized Insurer"

Sec. 35. "Reorganized insurer" means an entity:(1) that is a domestic stock insurance company that is owned entirely or in part by an MIHC or a stock holding company; and(2) the policyholders of which may be or are entitled to become members of the MIHC.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-1-36 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-36. "Stock Holding Company"

Sec. 36. "Stock holding company" means an entity other than a reorganized insurer and its subsidiaries that:(1) is owned entirely or in part, directly or indirectly, by an MIHC; and(2) directly or indirectly owns all or part of the capital stock of a reorganized insurer.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-1-37 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-37. "Subsidiary"

Sec. 37. "Subsidiary" means, with respect to a particular person, an affiliate of the person that is controlled by the person, either:(1) directly; or(2) indirectly through one (1) or more intermediaries.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-1-38 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 1. General Provisions and Definitions|27-14-1-38. "Voting Capital Stock"

Sec. 38. "Voting capital stock" means capital stock whose holder has the right to vote in the election of directors.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-1. Prerequisites to Reorganization

Sec. 1. (a) A mutual insurance company (MIC) may reorganize under this chapter as a mutual insurance holding company (MIHC) with one (1) or more subsidiaries after the following have occurred:(1) The favorable vote of its board of directors to reorganize.(2) The filing of an application with the commissioner.(3) A notice of a public hearing made to its members and the public.(4) At least one (1) public hearing conducted by the commissioner.(5) The approval of the plan by the commissioner.(6) A favorable vote of the eligible members of the MIC.(7) The issuance of an order of completion by the commissioner.(b) The subsidiaries of an MIHC:(1) must include at least one (1) reorganized insurer;(2) may include one (1) or more stock holding companies; and(3) may include one (1) or more stock insurance companies, the policyholders of which are not and do not become members of the MIHC.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-2. Methods of Reorganization

Sec. 2. The reorganization of an MIC or two (2) or more MICs into an MIHC structure under this chapter may be accomplished by any means approved by the commissioner, including the following:(1) The establishment of at least one (1) company.(2) The amendment or restatement of the articles and bylaws of any company.(3) The transfer or acquisition of any or all of the assets and liabilities or of the stock of any company.(4) The merger or consolidation of two (2) or more MICs.(5) The merger or consolidation of two (2) or more stock holding companies as part of the merger of two (2) or more MIHCs.(6) The merger or consolidation of two (2) or more stock insurance companies.(7) The merger of an MIC's membership interests into any existing MIHC, with the continued corporate existence of the reorganized MIC as a reorganized insurer.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-3. Adoption of Plan of Reorganization by Directors

Sec. 3. (a) A plan of reorganization must be adopted by the board of directors of the MIC.(b) For a plan of reorganization to be adopted by the board of directors of an MIC, at least seventy-five percent (75%) of the members of the board of directors must vote in favor of the adoption.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-4. Application for Reorganization

Sec. 4. Within ninety (90) days after the adoption of a plan of reorganization and before a vote on the plan by the members, the company adopting the plan must file with the commissioner an application containing the following:(1) A plan of reorganization.(2) The form of the notices to be sent to members under sections 8 and 12(b) of this chapter.(3) A copy of the:(A) proposed articles of incorporation; and(B) bylaws;of each company to be formed under the plan, including the reorganized insurer in compliance with the requirements of IC 27-1-6.(4) If it is necessary to amend the current articles of incorporation or bylaws of any company that is affected by the plan, a copy of:(A) the proposed articles of amendment or amended and restated articles of incorporation; and(B) amended or restated bylaws;of the company, which in the case of each domestic insurance company must comply with the requirements of IC 27-1-8.(5) With respect to participating policies and contracts of the reorganized insurer, a description of:(A) the current dividend practices of the MIC; and(B) the dividend practices to be followed by the reorganized insurer following the effective date of reorganization.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-6. Amendment or Termination of Plan of Reorganization

Sec. 6. (a) A plan of reorganization that is adopted by the board of directors of the applicant may be:(1) amended by the board of directors of the applicant:(A) in response to the comments or recommendations of the commissioner, or any other state or federal agency or entity, before any solicitation of proxies from the members to vote on the plan of reorganization; and(B) otherwise, with the consent of the commissioner; or(2) terminated by the board of directors of the applicant:(A) before notice is sent to the members under section 8 of this chapter; or(B) with the consent of the commissioner.(b) For a plan of reorganization to be:(1) amended; or(2) terminated;by the board of directors of an MIC, at least seventy-five percent (75%) of the members of the board of directors must vote in favor of the amendment or termination.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-7. Public Hearing

Sec. 7. (a) The commissioner shall, as soon as practicable after a plan of reorganization is filed with the commissioner but not more than ninety (90) days (or a longer period after the plan is filed as the commissioner determines for good cause), conduct a public hearing under IC 4-22-2-26 to afford interested persons an opportunity to present information, views, arguments, or comments about the plan.(b) At least thirty (30) days before a hearing held under this section, the commissioner shall publish notice of the hearing in a newspaper of general circulation in:(1) the city of Indianapolis;(2) the city in which the principal office of the applicant is located; and(3) other cities or towns that the commissioner considers appropriate.The commissioner may provide written notice of the hearing by other means and to other persons that the commissioner considers appropriate.(c) The notice provided under this section must:(1) refer to the applicable statutory provisions;(2) state the date, time, and location of the hearing; and(3) include a brief statement of the subject of the hearing.(d) At the discretion of the commissioner or the commissioner's appointee, testimony may be taken under oath or by affirmation at a public hearing under this article.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-8. Notice of Hearing to Members and Policyholders

Sec. 8. The applicant shall, at least thirty (30) days before the public hearing required under this chapter, mail notice of the public hearing to the last known address of each member and policyholder of the MIC as shown on the books of the MIC. The notice must achieve a minimum score of forty (40) on the Flesch reading ease test or an equivalent score on a comparable test approved by the commissioner. The notice must include the following:(1) Reference to the applicable statutory provisions.(2) A statement of the date, time, and location of the hearing.(3) A brief statement of the subject of the hearing, including specific notice to the member that the member's interest in the MIC will be affected by the reorganization.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-9. Prerequisites to Approval of Plan of Reorganization

Sec. 9. The commissioner may not approve a plan of reorganization submitted under this article unless the applicant has shown, by a preponderance of the evidence, that the plan of reorganization:(1) complies with the law;(2) includes the disclosures and notices required under this article;(3) is fair, reasonable, and equitable to the members and policyholders of the MIC; and(4) complies with the members' surplus protection principle.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-10 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-10. Approval or Disapproval of Plan of Reorganization by Commissioner

Sec. 10. (a) Not more than one hundred eighty (180) days after the filing of the application and submission of all other information requested by the commissioner relative to the plan, or a longer period if extended by the commissioner for good cause, the commissioner shall approve or disapprove the plan of reorganization. The commissioner's approval of the plan must be conditioned upon:(1) the approval of the plan by the eligible members under this chapter; and(2) the requirements of sections 16 and 17 of this chapter.(b) The commissioner shall fully consider any comments received at the public hearing under IC 4-22-2-27 before issuing an order under subsection (a).As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-11 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-11. Notice of Approval or Disapproval

Sec. 11. The commissioner shall notify the applicant upon reaching a decision on a plan of reorganization.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-12 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-12. Submitting Plan of Reorganization to Members

Sec. 12. (a) A plan of reorganization of an MIC must be submitted for approval by the eligible members of the MIC after approval of the application by the commissioner under section 10 of this chapter. A vote by the eligible members to approve the plan must be made at a special or annual meeting held under IC 27-1-7-7 and this chapter.(b) The eligible members must be sent notice of the meeting at which a plan of reorganization will be submitted for approval by eligible members. The notice must:(1) be mailed at least thirty (30) days before the meeting;(2) refer to the applicable statutory provisions;(3) state the date, time, and location of the meeting;(4) include or be accompanied by a brief statement of the subject of the meeting, including specific notice to the member that the member's interest in the MIC will be affected by the reorganization;(5) include or be accompanied by a copy of the plan or a summary of the plan; and(6) describe the member's right to attend and participate in the meeting.(c) The notice sent under this section must achieve a minimum score of forty (40) on the Flesch reading ease test or an equivalent score on a comparable test approved by the commissioner.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-13 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-13. Voting on Plan of Reorganization

Sec. 13. Notwithstanding IC 27-1-7-9, with respect to a vote under section 12 of this chapter, an eligible member:(1) may vote in person or by proxy if the proxy soliciting material:(A) includes reference to the applicable statutory provisions;(B) states the date, time, and location of the meeting;(C) contains a brief statement of the subject of the meeting, including specific notice that the member's interest in the MIC will be affected by the reorganization;(D) was solicited and obtained from the member after the commissioner has approved the plan of reorganization under this article; and(E) was found to be sufficient in the reasonable determination of the commissioner for the eligible members to make an informed decision about the plan of reorganization; and(2) is entitled to cast only one (1) vote on the proposed plan of reorganization, regardless of the number of policies or the amount of insurance that the member has with the MIC or any affiliate of the MIC.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-14 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-14. Approval of Plan of Reorganization by Members

Sec. 14. For a plan of reorganization to be approved by the members of an MIC:(1) the plan of reorganization must be approved at a meeting at which at least ten percent (10%) of the eligible members are represented in person or by proxy; and(2) at least two-thirds (2/3) of the eligible members voting in person or by proxy must vote in favor of the plan.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-15 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-15. Filing Minutes of Meeting at Which Plan Approved

Sec. 15. Not later than thirty (30) days after members have approved a plan of reorganization at a special or annual meeting of members under this chapter, an applicant must file with the commissioner the minutes of the meeting at which the plan of reorganization was approved.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-16 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-16. Issuance of Permit for Completion of Organization

Sec. 16. (a) Before the commissioner issues a permit for completion of organization under subsection (b):(1) a public hearing must have been conducted under this chapter;(2) the commissioner must have issued notice to the applicant that the commissioner has approved the plan of reorganization of the applicant under section 10 of this chapter; and(3) the commissioner must have received the minutes of the meeting of the members at which the plan was approved reflecting that the plan of reorganization was on the agenda and the plan was approved.(b) After the events referred to in subsection (a), the commissioner shall issue:(1) a permit for completion of organization of the MIHC; and(2) in the case of:(A) a newly organized domestic insurance company, a permit for completion of organization as provided in IC 27-1-6-11; or(B) amended articles of incorporation of a domestic insurance company, an amended certificate of authority as provided in IC 27-1-8-9.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-17 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-17. Effectiveness of Plan of Reorganization

Sec. 17. A plan of reorganization is effective when each reorganized insurer and MIHC affected by the plan has filed:(1) its articles of incorporation or, if appropriate, its articles of amendment; and(2) the certificate of authority and any amended certificate of authority issued to the company by the commissioner under this chapter;in the office of the county recorder of the county in which the principal office of the company is located, or at any later date specified in the plan of reorganization.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-2-18 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 2. Mutual Insurance Company Reorganization|27-14-2-18. Organization of Insurer Under Plan of Reorganization

Sec. 18. The organization of a domestic insurance company under a plan of reorganization under this article must be conducted under IC 27-1-6 concerning the formation of domestic insurance companies.As added by P.L.5-2000, SEC.4.