2023 Indiana Code › Title 27. Insurance › Article 14.5. Mutual Insurance Holding Company Law › Chapter 2. Mutual Insurance Company Reorganization › 27-14.5-2-6. Contents of Plan of Reorganization

Sec. 6. (a) A plan of reorganization filed with the commissioner under this chapter must include the following:
(1) A description of all significant terms of the proposed reorganization.
(2) Any plan to issue stock that may be proposed in connection with the plan of reorganization.
(3) A statement describing how the reorganization is fair and equitable to the members.
(4) With respect to participating policies and contracts of the reorganized insurer, a description of the current dividend practices of the mutual insurance company and the dividend practices to be followed by the reorganized insurer on and after the effective date of the plan of reorganization.
(5) Information sufficient to demonstrate that the financial condition of the mutual insurance company will not be diminished upon reorganization.
(6) Provisions that provide the following:
(A) Immediate membership in the mutual insurance holding company for all existing members of the mutual insurance company.
(B) A member's interest in a mutual insurance holding company may not be transferred, assigned, pledged, or alienated in any manner except in connection with a transfer, assignment, pledge, or alienation of the policy from which the member's interest is derived.
(C) A member's interest in a mutual insurance holding company will automatically terminate upon the lapse or other termination of the policy from which the member's interest is derived.
(7) Provisions for the discretionary granting of membership interests for existing or future policyholders of the reorganized insurer and any other existing or future direct or indirect stock insurance company subsidiary.
(8) Provisions to ensure that, in the event of proceedings for rehabilitation or liquidation involving a stock insurance company subsidiary of the mutual insurance holding company, the assets of the mutual insurance holding company will be available to satisfy the policyholder obligations of the stock insurance company subsidiary.
(9) The proposed articles of incorporation and bylaws of the mutual insurance holding company, intermediate stock holding company, and reorganized insurer or proposed amendments thereto as necessary to effectuate the reorganization.
(10) A certification that the plan of reorganization has been duly adopted by a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance company.
(11) The names, addresses, and occupational information of all corporate officers and all members of the board of directors of the proposed mutual insurance holding company.
(12) A description of any plans for the initial sale of stock of the intermediate stock holding company or reorganized insurer.
(13) With regard to a policy of the mutual insurance company in force on the effective date of a plan of reorganization, a provision that provides the policy continues to remain in force under the policy's terms as the policy of the reorganized insurer.
(14) Any other information requested by the commissioner.
(b) A plan of reorganization that is filed with the commissioner under this chapter may also include any other provision acceptable to the commissioner.
As added by P.L.226-2023, SEC.30.