IC 27-15-14
    Chapter 14. Modified Conversion Requirements for Companiesin Hazardous Financial Condition

IC 27-15-14-1
Qualifications for modified conversion; waivers or modificationsof notice requirements
    Sec. 1. (a) If a domestic mutual insurance company:
        (1) is insolvent, as defined in IC 27-9-1-2(l);
        (2) does not meet the minimum surplus requirements ofIC 27-1-6-15; or
        (3) in the judgment of the commissioner, is in a hazardousfinancial condition;
its board of directors may adopt, and the commissioner may approve,any plan of conversion and amendment to the articles ofincorporation that, on the effective date of the conversion, wouldprovide for the former mutual to have paid-in capital stock andsurplus in an amount not less than the minimum requirements ofIC 27-1-6-14(c) and IC 27-1-6-14(e) and an RBC level greater thanits company action RBC level.
    (b) The commissioner may allow waivers or materialmodifications of the requirement to give any notices to members andpolicyholders, to obtain member approval of the proposed plan ofconversion or amendment to the articles of incorporation of theconverting mutual, or to distribute consideration to members if thevalue of a converting mutual described in subsection (a) does not inthe judgment of the commissioner warrant any such notices,approvals, or distribution under the circumstances, including theexpenses involved in a distribution of consideration.
As added by P.L.94-1999, SEC.3.

IC 27-15-14-2
Application for approval; required descriptions
    Sec. 2. The application for approval of a plan of conversion andan amendment to the articles of incorporation described in section 1of this chapter must include a description of how the convertingmutual will meet the statutory surplus and capital requirements onthe date the plan of conversion is completed, which may involve theissuance and sale directly to one (1) or more purchasers of the capitalstock of the former mutual or of a parent company.
As added by P.L.94-1999, SEC.3.

IC 27-15-14-3
Approval of application; public hearing
    Sec. 3. The commissioner shall approve the application andpermit the conversion under a plan of conversion and an amendmentto the articles of incorporation described in this chapter if thecommissioner finds, following a public hearing, that the plan ofconversion and the amendment to the articles of incorporation are inthe best interests of the members and policyholders of the converting

mutual, without regard to their membership interests.
As added by P.L.94-1999, SEC.3.

IC 27-15-14-4
Supplemental requirements for modified conversion
    Sec. 4. The requirements of this chapter are in addition to, andmay be combined with, any other filings, approvals, or hearingsrequired by IC 27-1-23 or otherwise by law.
As added by P.L.94-1999, SEC.3.