reglab/housing_qa huggingface dataset:
IN Code § 27-14-7-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-6. Prohibited Acts

Sec. 6. An MIHC and its subsidiaries and affiliates may not do any of the following:(1) Lend funds to a person to finance the purchase of stock in a stock offering by an MIHC or any of its subsidiaries other than policyholder loans granted under the terms of an insurance policy of a subsidiary.(2) Pay commissions, special fees, or other special or extraordinary compensation to officers, directors, interested persons, or affiliates for arranging, promoting, aiding, assisting, or participating in the structure or placement of a stock offering by the MIHC or any of its subsidiaries, except to the extent permitted under IC 27-14-4.(3) Enter into an understanding or agreement transferring legal or beneficial ownership of stock to another person in avoidance of this article.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-7-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-7. Reorganized Insurer or Mihc Having All Rights and Obligations of Mic

Sec. 7. (a) Except as provided in subsection (b), a reorganized insurer to which insurance policies, contracts, and other assets and obligations are transferred in connection with a plan of reorganization under this article has, with respect to the insurance policies, contracts, and other assets and obligations, all rights, liabilities, and authority of the MIC that is the subject of the plan of reorganization.(b) An MIHC resulting from a plan of reorganization of a MIC under this article, has all obligations and liabilities of the MIC for any claim, asserted or otherwise, that existed at the effective date of the reorganization and that:(1) seeks the imposition of a constructive or charitable trust on assets of the MIC for the benefit of policyholders, members, or other persons;(2) seeks distribution or return of assets, or other form of compensation, from the MIC to policy holders or members; or(3) otherwise arises out of, or relates to, the ownership interest of policyholders or members of the MIC, or to the value of their ownership interests, including any claim that challenges a statutory transaction engaged in by the MIC before the effective date of the reorganization.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-7-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-8. Effect of Reorganization on Pending Actions

Sec. 8. If a proceeding is pending against an MIC that is the subject of a plan of reorganization under this article:(1) the proceeding may be continued after the effective date as if the reorganization had not occurred; or(2) the reorganized insurer that is the successor to the MIC's business may be substituted in the proceeding for the MIC;except that the MIHC resulting from the plan of reorganization shall be substituted for the MIC and any subsidiaries of the MIC in all proceedings involving any claim described in section 7(b) of this chapter.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-7-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-9. Conversion of Mihc to Stock Company

Sec. 9. An MIHC may convert to a stock company under IC 27-15 as though the MIHC were an MIC.As added by P.L.5-2000, SEC.4. Amended by P.L.1-2010, SEC.113; P.L.11-2011, SEC.39.
IN Code § 27-14-7-10 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-10. Experts Hired by Commissioner

Sec. 10. The commissioner shall, at the applicant's expense, hire attorneys, actuaries, accountants, investment bankers, and other experts as may be necessary to assist the commissioner in reviewing all matters under this article that are associated with a plan of reorganization or a plan to issue stock. The commissioner may at any time require an applicant to deposit an amount of money with the department of insurance in anticipation of expenses to be incurred by the commissioner under this article.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-7-11 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-11. Adoption of Rules

Sec. 11. The commissioner may adopt rules under IC 4-22-2 to carry out the purposes of this article.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-7-12 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-12. Reorganization of Domestic Mic With Foreign Mutual Holding Company

Sec. 12. (a) A domestic MIC may reorganize with a foreign mutual holding company by complying with IC 27-14-2. The commissioner may waive any provision of IC 27-14-2 if the commissioner determines the provision to be unnecessary for the protection of policyholders and members.(b) A plan of reorganization under subsection (a) is effective when the reorganized domestic stock insurance company subsidiary has filed its articles of amendment and amended certificate of authority in the office of the county recorder of the county in which the principal office of the company is located or at a later date specified in the plan of reorganization.(c) A domestic MIC seeking to reorganize under subsection (a) may at the same time redomesticate to another state by complying with IC 27-1-6.5 and the applicable requirements of the state to which it seeks to transfer domicile.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-7-13 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-13. Acquisition of Foreign Mic by Existing Mihc; Granting Membership Interests

Sec. 13. (a) An existing MIHC may, with the prior approval of the commissioner:(1) acquire direct or indirect ownership of a converting foreign MIC that becomes a stock insurer in compliance with the laws of its state of domicile; and(2) grant membership interests and equity rights to the members or policyholders of a foreign mutual insurer that merges with a direct or indirect domestic or foreign subsidiary of the MIHC or is otherwise acquired by the MIHC.(b) The commissioner shall consider the fairness of the terms and conditions of the transaction, whether the interests of the members of each MIHC that is a party to the transaction are protected, and whether the proposed transaction is in the public interest when determining whether to approve a transaction under subsection (a).As added by P.L.5-2000, SEC.4.
IN Code § 27-14-7-14 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-14. Concurrent Reorganization of Multiple Mics Into Single Mihc

Sec. 14. The concurrent reorganization of two (2) or more MICs into a single MIHC structure under IC 27-14-2 may be accomplished by a joint application and a joint plan of reorganization and may be approved by the commissioner following a combined hearing. The commissioner may allow such other procedures as may be necessary or desirable to avoid unnecessary or duplicative costs and efforts in satisfying the requirements of this article and in effectuating the reorganization.As added by P.L.5-2000, SEC.4.
IN Code § 27-14-7-15 (2021)
2021 Indiana Code|Title 27. Insurance|Article 14. Mutual Insurance Holding Company Law|Chapter 7. Miscellaneous Provisions|27-14-7-15. Reorganization of Mihc With Foreign Mutual Insurance Holding Company

Sec. 15. An MIHC may reorganize with a foreign mutual insurance holding company, subject to the approval of the commissioner, under IC 27-1-23. If the MIHC is not the surviving entity in any reorganization transaction, then the commissioner must consider the effect of the transaction on the protections afforded policyholders under the members' surplus protection principle in determining whether the transaction is in the best interests of the policyholders. If the commissioner waives any or all of the provisions of the members' surplus protection principle in approving a transaction, then the commissioner must explain the basis for waiving the provisions in writing in the order approving the transaction.As added by P.L.5-2000, SEC.4.
IN Code § 27-15-1-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-1. Short Title

Sec. 1. This article may be referred to as the Indiana demutualization law.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-1-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-2. Conversion Generally

Sec. 2. (a) Any domestic mutual insurance company that:(1) maintains its executive offices in Indiana; and(2) employs at least five hundred (500) persons or a substantial percentage of its workforce in Indiana;may, by amendment to its articles of incorporation, convert to a stock insurance company by means of a plan of conversion described in IC 27-15-2-2 or a simple plan of conversion described in IC 27-15-2-3 and IC 27-1-8.(b) The commissioner shall determine whether a mutual insurance company meets the requirements of subsection (a)(2).As added by P.L.94-1999, SEC.3. Amended by P.L.14-2000, SEC.61.
IN Code § 27-15-1-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-3. Applicability of Definitions

Sec. 3. The definitions set forth in this chapter and IC 27-1-2-3 apply throughout this article.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-1-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-4. "Closed Block"

Sec. 4. "Closed block" means an allocation of assets for a defined group of in force policies which, together with the premiums of those policies and related investment earnings, are expected to be sufficient to maintain the payments of guaranteed benefits, certain expenses, and continuation of the current dividend scale on the closed block, if experience does not change.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-1-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-5. "Company Action Level Rbc"

Sec. 5. "Company action level RBC" has the meaning set forth in IC 27-1-36-6.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-1-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-6. "Converting Mutual"

Sec. 6. "Converting mutual" means a domestic mutual insurance company that has adopted a plan of conversion and an amendment to its articles of incorporation under this article that will, upon consummation, result in the domestic mutual insurance company converting into a domestic stock insurance company.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-1-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-7. "Eligible Member"

Sec. 7. "Eligible member" means a person who:(1) is a member of the converting mutual on the date the converting mutual's board of directors adopts a resolution proposing a plan of conversion and an amendment to the articles of incorporation; and(2) continues to be a member of the converting mutual on the effective date of the conversion.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-1-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-8. "Former Mutual"

Sec. 8. "Former mutual" means the domestic stock insurance company resulting from the conversion of a converting mutual to a stock insurance company under a plan of conversion and an amendment to its articles of incorporation under this article.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-1-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-9. "Member"

Sec. 9. "Member" means a person that, according to the:(1) records;(2) articles of incorporation; and(3) bylaws;of a converting mutual, is a member of the converting mutual.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-1-10 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-10. "Membership Interests"

Sec. 10. "Membership interests" means:(1) the voting rights of members of a domestic mutual insurance company as provided by law and by the company's articles of incorporation and bylaws; and(2) the rights of members of a domestic mutual insurance company to receive cash, stock, or other consideration in the event of a conversion to a stock insurance company under this article or a dissolution under IC 27-1-10, as provided by those laws and by the company's articles of incorporation and bylaws.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-1-11 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-11. "Parent Company"

Sec. 11. "Parent company" means a corporation that, upon the effective date of a conversion, owns all of the stock of the former mutual.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-1-12 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-12. "Plan of Conversion"

Sec. 12. "Plan of conversion" means the plan of conversion described in either IC 27-15-2-2 or IC 27-15-2-3.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-1-13 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-13. "Rbc Level"

Sec. 13. "RBC level" has the meaning set forth in IC 27-1-36-18.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-1-14 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 1. General Provisions and Definitions|27-15-1-14. "Simple Plan of Conversion"

Sec. 14. "Simple plan of conversion" means the plan of conversion described in IC 27-15-2-3.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-2-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 2. Plan of Conversion|27-15-2-1. Commencement of Demutualization

Sec. 1. The board of directors of the converting mutual shall commence the demutualization process by adopting a resolution that proposes:(1) the amendment of its articles of incorporation under IC 27-1-8-2; and(2) a plan of conversion.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-2-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 2. Plan of Conversion|27-15-2-2. Required Provisions

Sec. 2. The plan of conversion, other than a simple plan of conversion, must do the following in accordance with this article:(1) Describe the manner in which the proposed conversion will occur and the insurance and any other companies that will result from or be directly affected by the conversion, including the former mutual and any parent company.(2) Provide that the membership interests in the converting mutual will be extinguished as of the effective date of the conversion.(3) Require the distribution to the eligible members, upon the extinguishing of their membership interests, of aggregate consideration equal to the fair value of the converting mutual.(4) Describe the manner in which the fair value of the converting mutual has been or will be determined.(5) Describe the form or forms and amount, if known, of consideration to be distributed to the eligible members.(6) Specify relevant classes, categories, or groups of eligible members, and describe and explain any differences in the form or forms and amount of consideration to be distributed to or among the eligible members.(7) Require and describe the method or formula for the fair and equitable allocation of the consideration among the eligible members.(8) Provide for the determination and preservation of the reasonable dividend expectations of eligible members and other policyholders with policies that provide for the distribution of policy dividends, through establishment of a closed block or other method acceptable to the commissioner.(9) Provide that each member and other policyholder of the converting mutual will receive notification of the address and telephone number of the converting mutual and the former mutual, if different, along with the notice of hearing outlined in IC 27-15-4-4.(10) Include other provisions as the converting mutual determines to be necessary.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-2-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 2. Plan of Conversion|27-15-2-3. Adoption of Simple Plan of Conversion

Sec. 3. (a) The board of directors of the converting mutual may adopt a simple plan of conversion under this section. The simple plan of conversion must include the following:(1) The distribution to the eligible members, upon the extinguishing of their membership interests, of all of the initial issue of the voting common stock of the former mutual or any parent company. The initial issue of the voting common stock may include only one (1) class of stock, and may not include more than one (1) series of stock.(2) Describe the manner in which the proposed conversion will occur and the insurance and any other companies that will result from or be directly affected by the conversion, including the former mutual and any parent company.(3) Provide that the membership interests in the converting mutual will be extinguished as of the effective date of the conversion.(4) Provide for the registration of that distribution of stock under section 5 of the federal Securities Act of 1933 (15 U.S.C. 77e).(5) Specify each separate class, category, or group of eligible members, and describe and explain any differences in the amount of stock to be distributed to or among the eligible members of each separate class, category, or group of eligible members.(6) Require and describe the method or formula for the fair and equitable allocation of the stock among the eligible members.(7) Provide for the determination and preservation of the reasonable dividend expectations of eligible members and other policyholders with policies that provide for the distribution of policy dividends, through the establishment of a closed block or other method acceptable to the commissioner.(b) The plan may include other provisions:(1) that the converting mutual determines to be necessary; and(2) consistent with this title.As added by P.L.94-1999, SEC.3. Amended by P.L.124-2018, SEC.104.
IN Code § 27-15-3-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 3. Application for Conversion|27-15-3-1. Filing With Commissioner

Sec. 1. After the adoption by the board of directors of the resolution proposing the plan of conversion under IC 27-15-2 and the amendment to its articles of incorporation, the converting mutual shall file with the commissioner an application for approval of the plan and amendment.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-3-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 3. Application for Conversion|27-15-3-3. Content Excepted From Simple Plan of Conversion

Sec. 3. Notwithstanding section 2 of this chapter, the opinion described in section 2(10) of this chapter is not required under this chapter if the converting mutual utilizes a simple plan of conversion.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-3-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 3. Application for Conversion|27-15-3-4. Actuarial Opinion Requirements

Sec. 4. The actuarial opinion required by this chapter shall be:(1) provided and signed by a qualified and independent actuary who is a member of the American Academy of Actuaries;(2) given in accordance with professional standards and practices generally accepted by the actuarial profession and those other factors as the actuary believes are reasonable and appropriate in the exercise of professional judgment at the time the opinion is given;(3) supported by a memorandum of the actuary, describing the calculations made in support of the opinion and the assumptions used in the calculations; and(4) submitted to the commissioner.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-4-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 4. Public Hearing and Commissioner's Determination|27-15-4-1. Commissioner's Determination of Application Completeness; Designation of Date for Public Hearing

Sec. 1. (a) The commissioner shall determine, within forty-five (45) days after the later of:(1) the submission of an application for approval of a plan of conversion; or(2) the submission of any amendment to the application;whether the application is complete.(b) Upon determining that the application is complete, the commissioner shall designate a date for a public hearing on the plan of conversion and the amendment to the articles of incorporation.(c) No public hearing by the commissioner under this chapter is required for a simple plan of conversion.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-4-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 4. Public Hearing and Commissioner's Determination|27-15-4-2. Purpose of Public Hearing

Sec. 2. The commissioner shall hold a public hearing upon the plan of conversion and the amendment to the articles of incorporation. The purpose of the public hearing shall be to receive comments and information to aid the commissioner in considering and approving or disapproving the application for approval of the plan of conversion and the amendment to the articles of incorporation. Persons wishing to make comments and submit information may submit written statements before or at the public hearing and may also appear and be heard at the public hearing.As added by P.L.94-1999, SEC.3.
IN Code § 27-15-4-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 15. Demutualization of Mutual Insurance Companies|Chapter 4. Public Hearing and Commissioner's Determination|27-15-4-3. Commencement of Hearing; Postponement

Sec. 3. The public hearing shall commence within sixty (60) days after the date on which the commissioner determines the application is complete, unless the converting mutual requests, and the commissioner agrees to, a longer period. In the event that an amendment to the plan of conversion or the application for approval is filed with the commissioner after the commissioner has determined the application is complete, the hearing may be postponed for a period not to exceed sixty (60) days after the filing of the amendment.As added by P.L.94-1999, SEC.3.