reglab/housing_qa huggingface dataset:
IN Code § 27-3-1-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 1. Exchange of Securities|27-3-1-5. Vesting of Title to Shares Without Physical Transfer or Deposit of Certificates; Rights Represented by Outstanding Certificates

Sec. 5. (a) Upon the plan of exchange becoming effective, the exchange provided for therein shall be deemed to have been consummated, each shareholder of the domestic company shall cease to be a shareholder of such company, the ownership of all shares of the issued and outstanding stock of the domestic company, except shares payment of the value of which is required to be made by the domestic company or the acquiring corporation pursuant to section 3 of this chapter, shall vest in the acquiring corporation automatically without any physical transfer or deposit of certificates representing such shares, and all shares payment of the value of which is required to be made by the domestic company or the acquiring corporation pursuant to section 3 of this chapter shall be deemed no longer outstanding shares of the domestic company. The acquiring corporation shall thereupon become the sole shareholder of the domestic company and shall have all of the rights, privileges, immunities, and powers and, except as otherwise provided in this chapter, shall be subject to all of the duties and liabilities to the extent provided by law of a shareholder of an insurance company organized or reorganized under IC 27-1 or any statute enacted prior to March 8, 1935.(b) Certificates representing shares of the domestic company prior to the plan of exchange becoming effective, except certificates representing shares payment of the value of which is required to be made pursuant to section 3 of this chapter and bearing a notation thereon that objection and demand pursuant to such section have been made, shall, after the plan of exchange becomes effective, represent:(i) shares of the issued and outstanding capital stock or other securities issued by the acquiring corporation; and(ii) the right, if any, to receive such cash or other consideration upon such terms as shall be specified in the plan of exchange;provided, that the plan of exchange may specify that all certificates representing shares of stock of the domestic company, except certificates representing shares payment of the value of which is required to be made pursuant to section 3 of this chapter, shall after the plan of exchange becomes effective represent only the right to receive shares of stock or other securities issued by the acquiring corporation or cash or other consideration or any combination thereof upon such terms as shall be specified in the plan of exchange. Certificates representing shares of the domestic company with respect to which an objection and demand have been made pursuant to section 3 of this chapter and bearing a notation thereon that such objection and demand have been made, shall, after the plan of exchange becomes effective, represent only the right to receive payment therefor, subject to the provisions of this chapter.Formerly: Acts 1967, c.61, s.5. As amended by P.L.252-1985, SEC.141.
IN Code § 27-3-1-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 1. Exchange of Securities|27-3-1-6. Effect of Acquisition on Insurance Business Conducted

Sec. 6. Nothing contained in this chapter shall be construed to authorize any insurance company to engage in any kind or kinds of insurance business not authorized by its articles of incorporation, or to authorize any acquiring corporation which is not an insurance company to engage directly in the business of insurance. Subsequent to the effective date of the plan of exchange, the insurance department, pursuant to the authority vested in it by IC 27-1-3-7 and IC 27-1-3.1 and having regard to the findings stated in section 3(b) of this chapter, shall have the authority to require that the affairs of the domestic company be conducted in such manner as to assure the continuing safe conduct and transaction of the domestic company's business of insurance.Formerly: Acts 1967, c.61, s.7. As amended by P.L.252-1985, SEC.142; P.L.26-1991, SEC.25.
IN Code § 27-3-1-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 1. Exchange of Securities|27-3-1-7. Continuation of Domestic Corporation and Acquiring Corporation as Separate Entities

Sec. 7. The domestic company and the acquiring corporation shall in all respects stand before the law as separate and distinct corporations, with neither of such corporations having any liability to the creditors, policyholders, if any, or shareholders of the other, any acts or omissions of the officers, directors, or shareholders of either or both of such corporations notwithstanding.Formerly: Acts 1967, c.61, s.8.
IN Code § 27-3-2-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 2. Assessment Plans─reorganization Into Stock Companies|27-3-2-1. Authority to Issue Stock

Sec. 1. Any insurance company organized and doing business under the laws of this state on what is known as the assessment plan, and having more than one thousand (1,000) members, and a reserve fund of not less than one hundred thousand dollars ($100,000), is authorized, subject to the limitations set forth in this chapter, to issue stock in shares of fifty dollars ($50) each, to an amount of not less than one hundred thousand (100,000) nor more than five hundred thousand dollars ($500,000), and to receive subscriptions for the stock.Formerly: Acts 1895, c.158, s.1. As amended by P.L.136-2018, SEC.169.
IN Code § 27-3-2-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 2. Assessment Plans─reorganization Into Stock Companies|27-3-2-2. Notice of Meeting; Vote of Members

Sec. 2. Before issuing any stock as provided in section 1 of this chapter, such company shall, at least four (4) weeks before the meeting provided for in this chapter, cause a printed notice of the time, place, and purpose of such meeting to be mailed to each of its members, and shall cause public notice to be given by publication thereof, at least once a week, for four (4) weeks, in a newspaper of general circulation in the county wherein is located the principal office of said company, that the proposal to issue stock in pursuance of this act, will be submitted to the members of such company at a meeting to be held at a time and place to be named in such notice. If, after due mailing and publication of such notice, two-thirds (2/3) of all the members (present at such meeting), either in person or by proxy, shall vote in favor of a proposal to issue stock as aforesaid, then the authority conferred by section 1 of this chapter, shall take effect, and subscription books may be opened.Formerly: Acts 1895, c.158, s.2. As amended by P.L.252-1985, SEC.143.
IN Code § 27-3-2-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 2. Assessment Plans─reorganization Into Stock Companies|27-3-2-3. Subscription Rights

Sec. 3. Every person who is a member of such company on the day of such meeting shall, for thirty (30) days after the opening of subscription books as aforesaid, be entitled to subscribe to that proportionate number of shares of the capital stock, agreed upon to be issued, which the premium note or notes owing by such member and held by such company on unexpired policies, in force on the day of such meeting aforesaid, shall bear to the entire amount of such notes then held by such company, and upon the payment of such subscription, said note or notes shall be canceled and delivered to such members. If at the end of thirty (30) days from the opening of subscription books, the full amount of the capital stock designated has not been subscribed under the provisions of this section, then other subscriptions may be received, to be paid for as the directors of said company may require within eighteen (18) months.Formerly: Acts 1895, c.158, s.3.
IN Code § 27-3-2-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 2. Assessment Plans─reorganization Into Stock Companies|27-3-2-4. By-Laws; Directors

Sec. 4. When all the stock shall have been subscribed to as provided in this chapter, the stockholders shall adopt by-laws for the government of such company not inconsistent with the laws of the state of Indiana, naming in the by-laws the number of directors, which shall not be less than seven (7) nor more than thirteen (13), who shall manage the affairs of said company, and shall at once elect the new directors for the ensuing year, a majority of whom constitute a quorum for the transaction of business.Formerly: Acts 1895, c.158, s.4. As amended by P.L.136-2018, SEC.170.
IN Code § 27-3-2-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 2. Assessment Plans─reorganization Into Stock Companies|27-3-2-5. Certificate of Incorporation; Body Corporate; Deposit of Securities; Change of Deposited Securities

Sec. 5. And thereupon, when all of said stock shall have been subscribed, a statement shall be filed with the secretary of state, and that officer shall give to such company a certificate of incorporation under his seal of office, declaring the corporate name of such company, the amount of capital stock, and the amount of securities deposited with the auditor of state, as hereinafter provided, the names of the directors who are to conduct the business of the company for the first year, and henceforth upon the payment to such officer of the fee provided by law to be paid for the incorporation of joint stock companies; and said company shall then become a body corporate, with the power and authority to sue and be sued as such, in any proper court, and such company may carry on the business of insuring property against loss or damage by fire, in a manner not inconsistent with the laws of this state, as a stock company: Provided, however, That before such company shall issue any policies of insurance, such company shall deposit in the office of the auditor of state of Indiana, stocks, bonds or notes to be approved by said auditor, to the amount of twenty-five per cent (25%) of the capital stock of said company, the interest on which is to be paid to said company: Provided, That the securities so held may be replaced by other securities to be first approved by said auditor, when by reason of their maturity or other good cause, it shall seem necessary or proper for the best interest of such company to replace them.Formerly: Acts 1895, c.158, s.5.
IN Code § 27-3-2-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 2. Assessment Plans─reorganization Into Stock Companies|27-3-2-6. Officers; Election; Bond

Sec. 6. Said directors shall, upon the receipt by the company of said certificate of incorporation, immediately elect a president, vice-president, secretary and treasurer from their number, who shall be sworn to perform faithfully the duties of their respective offices, and who shall give bond for a sum and in a manner to be prescribed in the by-laws of such company.Formerly: Acts 1895, c.158, s.6.
IN Code § 27-3-2-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 2. Assessment Plans─reorganization Into Stock Companies|27-3-2-7. Option to Discontinue Writing Insurance on Mutual or Assessment Plan

Sec. 7. It shall not be obligatory upon any company, after the issuing of stock as aforesaid, to accept applications for insurance upon the mutual or assessment plan.Formerly: Acts 1895, c.158, s.7.
IN Code § 27-3-2-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 2. Assessment Plans─reorganization Into Stock Companies|27-3-2-8. Treatment of Assets

Sec. 8. No part of the assets now possessed by such company, or that shall be possessed at the time of the meeting at which it is determined to issue stock, or which may be acquired in the interim, shall be divided among the members of such company, or be expended, except for the ordinary disbursements of such company made in the usual course of its business, including losses incurred upon its policies, but such assets shall remain and constitute as heretofore a fund in the hands of such company for the security of the holders of its policies.Formerly: Acts 1895, c.158, s.8.
IN Code § 27-3-2-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 2. Assessment Plans─reorganization Into Stock Companies|27-3-2-9. Annual Report

Sec. 9. Such company shall, by its board of directors make a report, upon the first day of January of each year, of the condition of stock, showing the amount of capital stock, the number and amount of policies issued, the nature and kind of risks taken, the losses sustained, and the assets of every nature on hand or belonging to the company, which report shall be signed and sworn to by a majority of the directors of such company and published in a newspaper of general circulation in the county in which the company shall have its principal office.Formerly: Acts 1895, c.158, s.9.
IN Code § 27-3-3-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 3. Acquisition of Certain Minority Interests in Subsidiary Domestic Stock Insurance Companies|27-3-3-1. Definitions

Sec. 1. As used in this chapter:(a) "Commissioner" means the insurance commissioner of this state.(b) "Domestic insurer" means a stock insurance company organized under the laws of this state.(c) "Parent corporation" means a corporation organized for any purpose under the laws of this state or any other jurisdiction that owns, directly or indirectly, at least ninety percent (90%) of the issued and outstanding voting stock of a domestic insurer.(d) "Subsidiary insurer" means a domestic insurer, at least ninety percent (90%) of the issued and outstanding voting stock of which is owned by a parent corporation.(e) "Voting stock" means shares issued by a domestic insurer, the record holders of which are entitled to vote at each election of directors of the domestic insurer, and securities convertible into or evidencing a right to acquire the shares.Formerly: Acts 1973, P.L.278, SEC.1. As amended by P.L.245-1989, SEC.2.
IN Code § 27-3-3-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 3. Acquisition of Certain Minority Interests in Subsidiary Domestic Stock Insurance Companies|27-3-3-4. Parent and Subsidiary as Separate Corporations

Sec. 4. Notwithstanding a plan of acquisition effected pursuant to this chapter, the parent corporation and its subsidiary insurer shall in all respects stand before the law as separate and distinct corporations, with neither of the corporations having any liability to the creditors, policyholders, if any, or shareholders of the other, notwithstanding any actions or omissions of the officers, directors, or shareholders of either or both of the corporations.Formerly: Acts 1973, P.L.278, SEC.1.
IN Code § 27-3-3-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 3. Consolidations and Reorganization|Chapter 3. Acquisition of Certain Minority Interests in Subsidiary Domestic Stock Insurance Companies|27-3-3-5. Application of Chapter

Sec. 5. The method authorized by this chapter for acquiring voting stock of a subsidiary insurer is not exclusive, but is in addition to any other lawful method for the acquisition of such voting stock.Formerly: Acts 1973, P.L.278, SEC.1.
IN Code § 27-4-1-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 4. Unfair Competition; Unauthorized Insurers; Foreign Insurers|Chapter 1. Unfair Competition; Unfair or Deceptive Acts and Practices|27-4-1-1. Purpose

Sec. 1. The purpose of this chapter is to regulate the trade practices in the business of insurance, in accordance with the intent of Congress as expressed in 15 U.S.C. 1011 et seq., by defining, or providing for the determination of, all such practices which constitute in this state unfair methods of competition and unfair or deceptive acts or practices and by prohibiting the trade practices so defined or determined.Formerly: Acts 1947, c.112, s.1. As amended by P.L.252-1985, SEC.144.
IN Code § 27-4-1-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 4. Unfair Competition; Unauthorized Insurers; Foreign Insurers|Chapter 1. Unfair Competition; Unfair or Deceptive Acts and Practices|27-4-1-2. Definitions

Sec. 2. When and as used in this chapter:(a) The term "person" shall mean any individual, corporation, company including any farm mutual insurance company, association, partnership, firm, reciprocal exchange, inter-insurer, Lloyds insurers, society, fraternal benefit society, lodge, order, council, corps, and any other association or legal entity, engaged in the business of insurance, including but not in limitation of the foregoing, insurance producers, brokers, solicitors, advisors, auditors, and adjusters.(b) "Department" shall mean the department of insurance of this state created and defined as a department in the state government of the state of Indiana by IC 27-1.(c) "Commissioner" shall mean the insurance commissioner of this state appointed pursuant to, and on and in whom the powers, duties, management, and control of the department are conferred and vested by, the provisions of IC 27-1.Formerly: Acts 1947, c.112, s.2. As amended by P.L.252-1985, SEC.145; P.L.129-2003, SEC.7; P.L.178-2003, SEC.34.
IN Code § 27-4-1-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 4. Unfair Competition; Unauthorized Insurers; Foreign Insurers|Chapter 1. Unfair Competition; Unfair or Deceptive Acts and Practices|27-4-1-3. Prohibited Use of Unfair Methods of Competition and Deceptive Acts or Practices

Sec. 3. No person shall engage in this state in any trade practice which is defined in this chapter or determined pursuant to this chapter as an unfair method of competition or as an unfair or deceptive act or practice in the business of insurance as defined in IC 27-1-2-3.Formerly: Acts 1947, c.112, s.3. As amended by P.L.252-1985, SEC.146.
IN Code § 27-4-1-4.5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 4. Unfair Competition; Unauthorized Insurers; Foreign Insurers|Chapter 1. Unfair Competition; Unfair or Deceptive Acts and Practices|27-4-1-4.5. Enumeration of Unfair Claim Settlement Practices

Sec. 4.5. The following are unfair claim settlement practices:(1) Misrepresenting pertinent facts or insurance policy provisions relating to coverages at issue.(2) Failing to acknowledge and act reasonably promptly upon communications with respect to claims arising under insurance policies.(3) Failing to adopt and implement reasonable standards for the prompt investigation of claims arising under insurance policies.(4) Refusing to pay claims without conducting a reasonable investigation based upon all available information.(5) Failing to affirm or deny coverage of claims within a reasonable time after proof of loss statements have been completed.(6) Not attempting in good faith to effectuate prompt, fair, and equitable settlements of claims in which liability has become reasonably clear.(7) Compelling insureds to institute litigation to recover amounts due under an insurance policy by offering substantially less than the amounts ultimately recovered in actions brought by such insureds.(8) Attempting to settle a claim for less than the amount to which a reasonable individual would have believed the individual was entitled by reference to written or printed advertising material accompanying or made part of an application.(9) Attempting to settle claims on the basis of an application that was altered without notice to or knowledge or consent of the insured.(10) Making claims payments to insureds or beneficiaries not accompanied by a statement setting forth the coverage under which the payments are being made.(11) Making known to insureds or claimants a policy of appealing from arbitration awards in favor of insureds or claimants for the purpose of compelling them to accept settlements or compromises less than the amount awarded in arbitration.(12) Delaying the investigation or payment of claims by requiring an insured, a claimant, or the physician of either to submit a preliminary claim report and then requiring the subsequent submission of formal proof of loss forms, both of which submissions contain substantially the same information.(13) Failing to promptly settle claims, where liability has become reasonably clear, under one (1) portion of the insurance policy coverage in order to influence settlements under other portions of the insurance policy coverage.(14) Failing to promptly provide a reasonable explanation of the basis in the insurance policy in relation to the facts or applicable law for denial of a claim or for the offer of a compromise settlement.(15) In negotiations concerning liability insurance claims, ascribing a percentage of fault to a person seeking to recover from an insured party, in spite of an obvious absence of fault on the part of that person.(16) The unfair claims settlement practices defined in IC 27-4-1.5.As added by P.L.259-1983, SEC.2. Amended by P.L.271-1987, SEC.6; P.L.194-1991, SEC.1; P.L.203-2001, SEC.7.
IN Code § 27-4-1-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 4. Unfair Competition; Unauthorized Insurers; Foreign Insurers|Chapter 1. Unfair Competition; Unfair or Deceptive Acts and Practices|27-4-1-5. Statement of Charges; Notice and Hearing; Intervention

Sec. 5. (a) Whenever the commissioner shall have reason to believe that any such person has been engaged or is engaging in this state in any unfair method of competition or any unfair or deceptive act or practice defined in section 4 of this chapter and that a proceeding by him in respect thereto would be to the interest of the public, he shall issue and cause to be served upon such person a statement of the charges in that respect and a notice in writing of a hearing thereon to be held under IC 4-21.5-3.(b) Whenever the hearing involves the claim, averment, or complaint of, or made by, a person who is not an investigator, deputy, examiner, or other employee of the department, a copy of the substance of such claim, averment, or complaint shall be included in or exhibited with such notice. The commissioner and department shall afford all interested persons or parties the right and opportunity for the settlement or adjustment of all claims, controversies, and issues when such persons or parties shall join in a request in writing for such opportunity.Formerly: Acts 1947, c.112, s.5. As amended by P.L.252-1985, SEC.147; P.L.7-1987, SEC.145.