reglab/housing_qa huggingface dataset:
IN Code § 27-14-4-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 4. Issuance of Capital Stock|27-14-4-6. Permitted Provisions of Plan to Issue Stock

Sec. 6. Subject to the limitations of IC 27-14-5, a plan to issue stock may do the following:(1) Provide an allocation without payment of nontransferable subscription rights to purchase not more than ten percent (10%) of the total amount of outstanding stock to one (1) or more employee benefit plans that satisfy the requirements of Section 401(a), 403(b), 404(c), 408, 423, or 501(c)(9) of the Internal Revenue Code, limited to the extent that unsubscribed shares of stock remain after the members have exercised their subscription rights.(2) Provide for:(A) the establishment of; and(B) the allocation of not more than four percent (4%) of the total amount of outstanding stock to;an employee benefit plan that provides benefits that are subject to taxation under Section 83 of the Internal Revenue Code or that complies with the requirements of Section 422 of the Internal Revenue Code, for the purpose of granting stock or stock options.(3) Provide that the articles of incorporation of a subsidiary of the MIHC may, subject to specified exceptions, prohibit a:(A) person; or(B) group of persons acting in concert;acting directly or through associates, from acquiring more than a specified percentage of any class of the issued and outstanding shares of capital stock of the issuing subsidiary.(4) Provide that the aggregate number of shares of outstanding stock purchased by an eligible member that exercises subscription rights may not exceed:(A) a specified number of shares equal to at least one percent (1%) of the total number of outstanding shares; or(B) a specified percentage of not less than one percent (1%) of the total number of outstanding shares.(5) Provide that subscription rights need not be granted to an eligible member who resides in a foreign country or other jurisdiction for which the commissioner determines that all of the following apply:(A) A small number of eligible members reside in the jurisdiction.(B) The granting of subscription rights or the offer or sale of stock to eligible members in the jurisdiction would require the issuer or its officers or directors to:(i) register, under the security laws of the jurisdiction, as a broker, dealer, salesman, or agent; or(ii) register, or otherwise qualify, the stock for sale in the jurisdiction.(C) The registration, qualification, or filing in the judgment of the commissioner would be impracticable or unduly burdensome for reasons of cost or otherwise.(6) Provide that an eligible member that exercises subscription rights must subscribe for at least a minimum number of shares of stock or a minimum dollar amount of stock unless the commissioner has determined that either minimum is unreasonable based on the respective interests of the issuer of stock and the eligible members.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-4-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 4. Issuance of Capital Stock|27-14-4-7. Stock Option as Compensation of Officer or Director Prohibited

Sec. 7. Notwithstanding any provision of this article, an MIHC or an affiliate of an MIHC may not use any form of a stock option or other preference with respect to the sale or purchase of any stock or other equity instrument of the MIHC or an affiliate of the MIHC to compensate an officer or director of the MIHC or an affiliate of the MIHC for services in connection with a plan to issue stock.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-4-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 4. Issuance of Capital Stock|27-14-4-8. Restrictions on Dividends and Distributions

Sec. 8. Neither a stock holding company nor a reorganized insurer may pay dividends or make other distributions with respect to its stock to its shareholders if the reorganized insurer has failed to pay policyholder dividends under IC 27-14-3-11.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-5-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 5. Restrictions on Capital and Other Stock|27-14-5-1. Mihc to Retain Majority of Voting Stock

Sec. 1. After the effective date of the plan of reorganization, the MIHC must at all times have the direct or indirect:(1) power to cast at least fifty-one percent (51%) of the votes on all matters submitted to a vote of the holders of common stock (or any other class of stock entitled to vote generally on matters submitted to security holders for a vote, including the election of directors) of each reorganized insurer and any stock holding company of the MIHC; and(2) ownership of shares of stock entitled to:(A) receipt of at least fifty-one percent (51%) of all dividends declared on common stock of each reorganized insurer and any stock holding company of the MIHC; and(B) receipt of at least fifty-one percent (51%) of the net proceeds to common stockholders upon any dissolution of each reorganized insurer and any stock holding company of the MIHC.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-5-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 5. Restrictions on Capital and Other Stock|27-14-5-2. Limits on Aggregate Number of Shares Owned by Directors and Officers

Sec. 2. (a) As used in this section, "CPI adjustment" means the percentage increase or decrease in the Consumer Price Index for Urban Wage Earners and Clerical Workers published monthly by the United States Bureau of Labor Statistics or any successor index published by the United States, as of the end of each calendar year, commencing January 1, 1999.(b) The CPI adjustment referred to under subsection (c) shall be made by the commissioner as of January 1, 2000, and each year thereafter, based on the CPI adjustment for the preceding year.(c) The aggregate number of shares of equity securities owned by all of the directors and officers of the MIHC and its affiliates and associates, excluding any shares acquired by or held for the benefit of the officers and directors and their associates through an employee benefit plan as permitted by IC 27-14-4-6(1) and section 5 of this chapter, may not exceed the following:(1) Fifteen percent (15%) of the total number of outstanding shares of equity securities of each reorganized insurer and any stock holding company if the total surplus of the MIHC and all of its reorganized insurers is greater than one billion five hundred million dollars ($1,500,000,000), as adjusted annually by the CPI.(2) Twenty percent (20%) of the total number of outstanding shares of equity securities of each reorganized insurer and any stock holding company if the total surplus of the MIHC and all of its reorganized insurers is greater than seven hundred fifty million dollars ($750,000,000), as adjusted annually by the CPI, and less than or equal to one billion five hundred million dollars ($1,500,000,000), as adjusted annually by the CPI.(3) Twenty-five percent (25%) of the total number of outstanding shares of equity securities of each reorganized insurer and any stock holding company if the total surplus of the MIHC and all of this reorganized insurers is greater than two hundred fifty million dollars ($250,000,000), as adjusted annually by the CPI, and less than or equal to seven hundred fifty million dollars ($750,000,000), as adjusted annually by the CPI.(4) Thirty percent (30%) of the total number of outstanding shares of equity securities of each reorganized insurer and all of its reorganized insurers is less than or equal to two hundred fifty million dollars ($250,000,000), as adjusted annually by the CPI.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-5-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 5. Restrictions on Capital and Other Stock|27-14-5-3. Limit on Aggregate Number of Shares Owned by Single Director or Officer

Sec. 3. The aggregate number of shares of equity securities owned by:(1) a single director or officer of the MIHC or any subsidiary of the MIHC;(2) associates of the person referred to in subdivision (1); and(3) persons acting in concert with the person referred to in subdivision (1) or (2);may not exceed five percent (5%) of the total number of outstanding shares of equity securities of each reorganized insurer and any stock holding company excluding any equity securities acquired by or held for the benefit of the officers and directors and their associates through employee benefit plans as permitted by IC 27-14-4-6(1) and section 5 of this chapter, but including any equity securities beneficially owned by officers and directors and their associates under employee benefit plans as provided in IC 27-14-4-6(2).As added by P.L.5-2000, SEC.4.
IN Code § 27-14-5-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 5. Restrictions on Capital and Other Stock|27-14-5-4. Fees or Commissions for Issuance of Stock Prohibited

Sec. 4. A director, officer, agent, or employee of the MIHC or its subsidiaries, or an associate of a director, an officer, an agent, or employee, may not receive a fee, commission, or other valuable consideration for aiding, promoting, or assisting in the issuance of stock under this section, except for:(1) compensation as provided for in the plan and approved by the commissioner;(2) the person's usual, regular salary or compensation; or(3) reasonable fees and compensation paid to an individual who is an attorney, accountant, actuary, or financial adviser for services performed in the individual's independent practice, even if the individual is also a director, an officer, an agent, or an employee of the MIHC or its subsidiaries.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-5-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 5. Restrictions on Capital and Other Stock|27-14-5-5. Limit on Aggregate Number of Shares Owned by Employee Benefit Plan

Sec. 5. The aggregate number of shares of stock that may be purchased or held by an employee benefit plan may not exceed ten percent (10%) of the total number of outstanding shares of a reorganized insurer or any stock holding company.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-5-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 5. Restrictions on Capital and Other Stock|27-14-5-6. Only Publicly Traded Stock to Be Issued to Directors or Officers

Sec. 6. A reorganized insurer or stock holding company may not issue stock to directors or officers, or both, except stock of a class that is publicly traded.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-5-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 5. Restrictions on Capital and Other Stock|27-14-5-7. Stock Option or Sale of Stock Below Fair Market Value as Compensation of Officer or Director Prohibited

Sec. 7. A reorganized insurer or stock holding company may not:(1) grant stock purchase options or warrants, or otherwise use securities to provide compensation to directors or officers, or both, at a price less than the fair market value of the security on the date of the grant; or(2) sell securities to directors or officers, or both, at a price less than the fair market value of the security (except under the exercise of authorized stock options consistent with subdivision (1) and section 8 of this chapter).As added by P.L.5-2000, SEC.4.
IN Code § 27-14-5-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 5. Restrictions on Capital and Other Stock|27-14-5-8. Stock Purchase Options for Directors or Officers Prohibited Until Six Months After Public Trading Begins

Sec. 8. A reorganized insurer or stock holding company may not grant stock purchase options to directors or officers, or both, until at least six (6) months after public trading for the stock has begun.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-5-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 5. Restrictions on Capital and Other Stock|27-14-5-9. Factors in Determining Compliance With Ownership Restrictions

Sec. 9. (a) For purposes of determining compliance with ownership restrictions in this chapter, a person to whom a stock purchase option or warrant has been granted under this chapter is not considered to own the underlying securities until the stock purchase option or warrant is exercised and the securities have been issued.(b) An increase in a person's percentage ownership of securities does not constitute a violation of the securities ownership restrictions in this chapter if the increase in percentage ownership results solely from a decrease in the aggregate number of securities outstanding.(c) An inadvertent ownership of securities that exceeds the securities ownership limitations in this chapter does not violate this chapter if:(1) a sufficient number of securities are divested within thirty (30) days after the limitation was first known to be exceeded so that the limitation is no longer exceeded; and(2) during the period when the limitation is known to have been exceeded, the owner of the securities:(A) does not vote any securities in excess of the limitation; and(B) does not accept a dividend in respect of any securities that exceed the limitations.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-6-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 6. Public Hearing, Commissioner Approval, and Effective Date of Plan to Issue Stock|27-14-6-1. Public Hearing

Sec. 1. Not more than:(1) sixty (60) days after the acceptance of an application filed with respect to a plan to issue stock under IC 27-14-4; or(2) a longer period after the application is filed, as determined by the commissioner upon a showing of good cause;the commissioner may 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.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-6-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 6. Public Hearing, Commissioner Approval, and Effective Date of Plan to Issue Stock|27-14-6-2. Notice of Hearing

Sec. 2. (a) At least thirty (30) days before a hearing held under this chapter, 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) another city or cities that the commissioner considers appropriate;and may provide written notice of the hearing by other means and to other persons that the commissioner considers appropriate.(b) 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.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-6-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 6. Public Hearing, Commissioner Approval, and Effective Date of Plan to Issue Stock|27-14-6-3. Issuance of Order of Approval or Disapproval

Sec. 3. (a) On or before the later of:(1) sixty (60) days after a public hearing held under this chapter; or(2) one hundred twenty (120) days after the commissioner accepts the application relating to the plan;or a longer period if extended by the commissioner for good cause, the commissioner shall issue an order to approve or disapprove the plan under IC 27-14-4 to issue stock.(b) The commissioner shall fully consider any comments received at a 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 § 27-14-6-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 6. Public Hearing, Commissioner Approval, and Effective Date of Plan to Issue Stock|27-14-6-4. Financial Adviser

Sec. 4. (a) The commissioner shall retain an independent financial adviser who shall, on behalf of members, review the offering price and issue a written opinion as to whether the offering price is fair from a financial point of view to the members as a group.(b) The commissioner's approval of a plan under section 6 of this chapter is subject to the condition that a favorable opinion of the financial advisor is delivered to the commissioner before the stock is issued.(c) The fees and expenses of the financial adviser shall be paid by the issuer of the stock.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-6-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 6. Public Hearing, Commissioner Approval, and Effective Date of Plan to Issue Stock|27-14-6-5. Findings Requiring Disapproval

Sec. 5. The commissioner shall approve a plan to issue stock submitted under IC 27-14-4 unless the commissioner makes at least one (1) of the following findings with respect to the plan:(1) Disapproval of the plan is necessary to prevent practices that will cause financial impairment to the applicant or its subsidiaries.(2) The financial or management resources of the applicant or its subsidiaries or affiliates warrant disapproval.(3) The plan does not comply with this article.(4) The proposed plan is unfair, unreasonable or inequitable to members or policyholders.(5) The plan does not comply with the members' surplus protection principle.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-6-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 6. Public Hearing, Commissioner Approval, and Effective Date of Plan to Issue Stock|27-14-6-6. Copy of Order; Written Statement of Reasons for Disapproval

Sec. 6. (a) The commissioner shall transmit to the applicant a copy of any order approving or disapproving a plan.(b) If the commissioner disapproves a plan, the commissioner shall provide the applicant with a written statement detailing the reasons for the disapproval.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-6-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 6. Public Hearing, Commissioner Approval, and Effective Date of Plan to Issue Stock|27-14-6-7. Expiration of Commissioner's Approval

Sec. 7. The approval by the commissioner of a plan to issue stock expires one hundred eighty (180) days after the date of approval, except as otherwise provided by an order of the commissioner.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-6-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 6. Public Hearing, Commissioner Approval, and Effective Date of Plan to Issue Stock|27-14-6-8. Amendment of Articles of Incorporation

Sec. 8. The amendment of the articles of incorporation of a domestic insurance company under a plan under this article must be conducted in compliance with IC 27-1-8, except as provided in this chapter.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-7-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-1. Supplemental Nature of Article; Applicability of Other Insurance Statutes

Sec. 1. (a) This article, while independent of any other law, is supplemental to IC 27-1-2 through IC 27-1-20.(b) Except as provided in this article, all provisions of IC 27-1-2 through IC 27-1-20 are fully and completely applicable to this article in the same manner as if the provisions of this article had been an original part of IC 27-1-2 through IC 27-1-20. If any conflict exists between this article and IC 27-1-2 through IC 27-1-20, this article is controlling.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-7-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-2. Limitation of Actions

Sec. 2. A civil action:(1) challenging the validity of; or(2) arising out of;action that is taken or proposed to be taken under this article must commence not later than sixty (60) days after the approval by the commissioner of the plan under which or in respect of which the action is taken or proposed to be taken.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-7-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-3. Severability of Provisions

Sec. 3. The provisions of this article are severable in the manner provided in IC 1-1-1-8(b).As added by P.L.5-2000, SEC.4.
IN Code § 27-14-7-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-4. Judicial Review of Action of Commissioner; Mandamus

Sec. 4. (a) A person who is aggrieved by an action of the commissioner under this article may petition for judicial review of the action under IC 4-21.5-5.(b) 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.5-2000, SEC.4.
IN Code § 27-14-7-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-5. Treatment of Confidential Information

Sec. 5. (a) Except as provided in this section, IC 5-14 applies to all filings made under this article.(b) Filings made under this article may include information that might be damaging to an applicant or its affiliate if made available to competitors. Subject to subsection (c), all information, documents, and copies of the filings containing trade secrets of an applicant or its affiliate are declared:(1) confidential for the purposes of IC 5-14-3-4; and(2) not subject to inspection and copying by the public under person, except to insurance departments of other states which agree to such confidential treatment;without the written consent of the person to which they pertain.(c) If the commissioner, after giving notice to the person seeking such confidential treatment and any other person requesting disclosure, after giving them an opportunity to respond at a departmental hearing in camera, and after giving due consideration to any legitimate interest in preserving trade secrets, determines that the members or policyholders have a compelling interest that would be served by disclosure, then the commissioner, after five (5) business days have elapsed from notification to the applicant, may disclose all or any part thereof in a manner and subject to the limitations as the commissioner determines appropriate.(d) If within the five (5) business days period referred to in subsection (c), the applicant notifies the commissioner that the applicant or other interested party has filed an action seeking a protective order from a circuit or superior court to prevent or to limit disclosure, the commissioner shall not disclose the information, documents, or copies thereof during the pendency of the action and any appeal or after any final court decision prohibiting disclosure.As added by P.L.5-2000, SEC.4.