CHAPTER 1. GENERAL PROVISIONS AND DEFINITIONS
IC 27-15
ARTICLE 15. DEMUTUALIZATION OF MUTUALINSURANCE COMPANIES
IC 27-15-1
Chapter 1. General Provisions and Definitions
IC 27-15-1-1
Short title
Sec. 1. This article may be referred to as the Indianademutualization law.
As added by P.L.94-1999, SEC.3.
IC 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 substantialpercentage of its workforce in Indiana;
may, by amendment to its articles of incorporation, convert to a stockinsurance company by means of a plan of conversion described inIC 27-15-2-2 or a simple plan of conversion described inIC 27-15-2-3 and IC 27-1-8.
(b) The commissioner shall determine whether a mutual insurancecompany meets the requirements of subsection (a)(2).
As added by P.L.94-1999, SEC.3. Amended by P.L.14-2000, SEC.61.
IC 27-15-1-3
Applicability of definitions
Sec. 3. The definitions set forth in this chapter and IC 27-1-2-3apply throughout this article.
As added by P.L.94-1999, SEC.3.
IC 27-15-1-4
"Closed block"
Sec. 4. "Closed block" means an allocation of assets for a definedgroup of in force policies which, together with the premiums of thosepolicies and related investment earnings, are expected to be sufficientto 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.
IC 27-15-1-5
"Company action level RBC"
Sec. 5. "Company action level RBC" has the meaning set forth inIC 27-1-36-6.
As added by P.L.94-1999, SEC.3.
IC 27-15-1-6 "Converting mutual"
Sec. 6. "Converting mutual" means a domestic mutual insurancecompany that has adopted a plan of conversion and an amendment toits articles of incorporation under this article that will, uponconsummation, result in the domestic mutual insurance companyconverting into a domestic stock insurance company.
As added by P.L.94-1999, SEC.3.
IC 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 theconverting mutual's board of directors adopts a resolutionproposing a plan of conversion and an amendment to thearticles of incorporation; and
(2) continues to be a member of the converting mutual on theeffective date of the conversion.
As added by P.L.94-1999, SEC.3.
IC 27-15-1-8
"Former mutual"
Sec. 8. "Former mutual" means the domestic stock insurancecompany resulting from the conversion of a converting mutual to astock insurance company under a plan of conversion and anamendment to its articles of incorporation under this article.
As added by P.L.94-1999, SEC.3.
IC 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.
IC 27-15-1-10
"Membership interests"
Sec. 10. "Membership interests" means:
(1) the voting rights of members of a domestic mutual insurancecompany as provided by law and by the company's articles ofincorporation and bylaws; and
(2) the rights of members of a domestic mutual insurancecompany to receive cash, stock, or other consideration in theevent of a conversion to a stock insurance company under thisarticle or a dissolution under IC 27-1-10, as provided by thoselaws and by the company's articles of incorporation and bylaws.
As added by P.L.94-1999, SEC.3.
IC 27-15-1-11 "Parent company"
Sec. 11. "Parent company" means a corporation that, upon theeffective date of a conversion, owns all of the stock of the formermutual.
As added by P.L.94-1999, SEC.3.
IC 27-15-1-12
"Plan of conversion"
Sec. 12. "Plan of conversion" means the plan of conversiondescribed in either IC 27-15-2-2 or IC 27-15-2-3.
As added by P.L.94-1999, SEC.3.
IC 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.
IC 27-15-1-14
"Simple plan of conversion"
Sec. 14. "Simple plan of conversion" means the plan ofconversion described in IC 27-15-2-3.
As added by P.L.94-1999, SEC.3.