Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 66 - Acquisition of Shares of Former Mutual Insurance Company by Institutional Investor › Section 66-2 - Definitions

Current through July 10, 2024
Authority: IC 27-15-13-2
Affected: IC 27-1-2-3; IC 27-1-23-1; IC 27-15-1; IC
				  27-15-13-1
Sec. 2.
The definitions set forth in IC 27-1-2-3, IC 27-1-23-1, and
				  IC 27-15-1 and the following definitions apply throughout this rule:
(1) "Conversion" means the conversion of a
				former mutual company pursuant to a plan of conversion.
(2) "Executive officer" means any individual
				charged with active management and control in an executive capacity, including
				a president, vice president, treasurer, secretary, controller, or any other
				individual performing functions corresponding to those performed by the
				foregoing officers, of a person whether incorporated or
				unincorporated.
(3) "Institutional
				investor" means any of the following, whether acting for its own account or the
				accounts of other institutional investors:
(A)
				A depository institution, including a bank, federal savings bank, savings and
				loan association, or trust company, regulated and supervised under the laws of
				the United States or any state.
(B)
				An insurance company.
(C) A
				separate account of an insurance company.
(D) An investment company registered under
				the federal "Investment Company Act of 1940",
				15 U.S.C. §§
											80a-1 et seq.
(E) A business development company as defined
				in the federal "Investment Company Act of 1940",
				15 U.S.C. §
											80a-2(48).
(F) Any private business development company
				as defined in the federal "Investment Advisers Act of 1940",
				15
				U.S.C. §
											80b-2(22).
(G) An employee pension, profit-sharing, or
				benefit plan if the plan has total assets in excess of twenty-five million
				dollars ($25,000,000) or its investment decisions are made by a named
				fiduciary, as defined in the federal "Employee Retirement Income Security Act
				of 1974",
				29
				U.S.C. §
											1002(21), that is a
				broker-dealer registered under the federal "Securities Exchange Act of 1934",
				15 U.S.C. §
											78o, an investment adviser registered or
				exempt from registration under the federal "Investment Advisers Act of 1940",
				15 U.S.C. §
											80b-3, a depository institution, or an
				insurance company.
(H) An entity,
				but not an individual, a substantial part of whose business activities consist
				of investing, purchasing, selling, or trading in securities of more than one
				(1) issuer and not of its own issue and that has total assets in excess of
				fifty million dollars ($50,000,000) as of the end of its latest fiscal year and
				in the aggregate owns and invests on a discretionary basis at least ten million
				dollars ($10,000,000) of securities of issuers with which it is not affiliated.
(I) A small business investment
				company licensed under the federal "Small Business Investment Act of 1958",
				15
				U.S.C. §
											681.
(J) Any other qualified institutional buyer
				as defined in Rule 144A(a)(1) of the Securities and Exchange Commission or any
				successor regulation. The term shall not include the former mutual company, any
				parent company, or any employee benefit plan or trusts sponsored by the former
				mutual or a parent company where no approval under IC 27-15-1 3-1 is required.