CHAPTER 16. MISCELLANEOUS PROVISIONS

IC 27-15-16
    Chapter 16. Miscellaneous Provisions

IC 27-15-16-1
Parent company
    Sec. 1. A parent company under this article:
        (1) shall locate its executive offices in Indiana;
        (2) shall employ at least five hundred (500) persons or asubstantial percentage of its workforce in Indiana;
        (3) shall be organized under the laws of Indiana; and
        (4) may be:
            (A) a corporation organized for the purpose of serving as aholding company for the former mutual or a corporation that,before the conversion, was a subsidiary of the convertingmutual; or
            (B) any other existing or newly created corporation.
As added by P.L.94-1999, SEC.3.

IC 27-15-16-2
Rules
    Sec. 2. The commissioner may adopt rules under IC 4-22-2necessary for the administration of this article.
As added by P.L.94-1999, SEC.3.

IC 27-15-16-3
Hiring professionals necessary to assist commissioner's review
    Sec. 3. (a) The commissioner may, at the expense of a convertingmutual that has:
        (1) filed an application under this article;
        (2) notified the commissioner of its intention to file anapplication under this article; or
        (3) adopted a resolution proposing a simple plan of conversionunder this article;
hire accountants, actuaries, attorneys, financial advisors, investmentbankers, and other experts that are necessary to assist thecommissioner in reviewing all matters under this article.
    (b) The commissioner may at any time require the convertingmutual to deposit an amount of money with the department inanticipation of expenses to be incurred by the commissioner underthis section.
As added by P.L.94-1999, SEC.3.

IC 27-15-16-4
Failure to give notice; good faith exception
    Sec. 4. If a converting mutual complies substantially and in goodfaith with this article with respect to any required notice to membersand policyholders, its failure in any case to give the notice to anyperson entitled to notice does not:
        (1) impair the validity of actions taken under this article; or
        (2) entitle the person to any injunctive or other relief.As added by P.L.94-1999, SEC.3.

IC 27-15-16-5
Abandonment of plan of conversion
    Sec. 5. At any time before the effective date of the plan ofconversion, the plan may be abandoned under provisions included inthe plan of conversion filed under this article.
As added by P.L.94-1999, SEC.3.

IC 27-15-16-6
Use of "mutual" prohibited after conversion
    Sec. 6. After conversion, the name of the former mutual may notinclude the term "mutual".
As added by P.L.94-1999, SEC.3.