CHAPTER 4. PUBLIC HEARING AND COMMISSIONER'S DETERMINATION
IC 27-15-4
Chapter 4. Public Hearing and Commissioner's Determination
IC 27-15-4-1
Commissioner's determination of application completeness;designation of date for public hearing
Sec. 1. (a) The commissioner shall determine, within forty-five(45) days after the later of:
(1) the submission of an application for approval of a plan ofconversion; or
(2) the submission of any amendment to the application;
whether the application is complete.
(b) Upon determining that the application is complete, thecommissioner shall designate a date for a public hearing on the planof conversion and the amendment to the articles of incorporation.
(c) No public hearing by the commissioner under this chapter isrequired for a simple plan of conversion.
As added by P.L.94-1999, SEC.3.
IC 27-15-4-2
Purpose of public hearing
Sec. 2. The commissioner shall hold a public hearing upon theplan of conversion and the amendment to the articles ofincorporation. The purpose of the public hearing shall be to receivecomments and information to aid the commissioner in consideringand approving or disapproving the application for approval of theplan of conversion and the amendment to the articles ofincorporation. Persons wishing to make comments and submitinformation may submit written statements before or at the publichearing and may also appear and be heard at the public hearing.
As added by P.L.94-1999, SEC.3.
IC 27-15-4-3
Commencement of hearing; postponement
Sec. 3. The public hearing shall commence within sixty (60) daysafter the date on which the commissioner determines the applicationis complete, unless the converting mutual requests, and thecommissioner agrees to, a longer period. In the event that anamendment to the plan of conversion or the application for approvalis filed with the commissioner after the commissioner has determinedthe application is complete, the hearing may be postponed for aperiod not to exceed sixty (60) days after the filing of theamendment.
As added by P.L.94-1999, SEC.3.
IC 27-15-4-4
Notice of hearing
Sec. 4. (a) The converting mutual shall provide at least thirty (30)days prior written notice of the hearing to its members and otherpolicyholders as of the date its board of directors adopted the
resolution proposing the plan of conversion.
(b) The notice must include the following:
(1) A brief statement of the subject of the hearing, the date,time, and location of the hearing.
(2) A description of members eligible to vote on the plan ofconversion and the amendment to the articles of incorporation.
(3) A statement that the members and policyholders mayexamine, at the department, the public record portion of theapplication submitted to the commissioner.
(4) The address and telephone number of the converting mutualand, if different, the former mutual.
(c) The converting mutual shall provide the commissioner withthe proposed form and content of the notice not less than fifteen (15)days before notice is to be provided to the members andpolicyholders, and the commissioner shall approve or disapprove theform and content of the notice within ten (10) days after itssubmission to the commissioner. The notice to members and otherpolicyholders shall, after approval by the commissioner, be providedby mail or other means approved by the commissioner.
As added by P.L.94-1999, SEC.3.
IC 27-15-4-5
Publication of notice
Sec. 5. (a) The converting mutual shall cause notice of the publichearing to be published in a newspaper of general circulation in thecity where the principal office of the converting mutual is located, inIndianapolis, and in any other city specified by the commissioner atthe time the commissioner determines that the application iscomplete.
(b) The notice shall be published at least two (2) times at intervalsof not less than two (2) weeks, the first publication to be not morethan forty-five (45) days and the last publication not less than fifteen(15) days before the public hearing. The notice of the public hearingshall state the purpose of the hearing and the date, time, and placewhere the hearing will occur.
(c) The converting mutual shall provide the commissioner withthe proposed form and content of the notice not less than fifteen (15)days before it is to be first published, and the commissioner shallapprove or disapprove the form and content of the notice within ten(10) days after its submission to the commissioner.
As added by P.L.94-1999, SEC.3.
IC 27-15-4-6
Hearing procedures
Sec. 6. The hearing shall be conducted by the commissioner or bythe commissioner's designee, consistent with the proceduresdescribed in IC 4-22-2-26.
As added by P.L.94-1999, SEC.3.
IC 27-15-4-7 Issuance of commissioner's determination
Sec. 7. (a) The commissioner shall fully consider any commentsreceived at a required hearing consistent with IC 4-22-2-27 beforeissuing an order approving or disapproving the application, plan ofconversion, and amendment to the articles of incorporation.
(b) The commissioner's order or determination shall:
(1) be issued within thirty (30) days after the last day of thepublic hearing or, for a simple plan of conversion, within ninety(90) days after the filing of an application for approval of theplan;
(2) be in writing; and
(3) detail the reasons why the converting mutual's applicationis approved or disapproved.
As added by P.L.94-1999, SEC.3.
IC 27-15-4-8
Findings required for application approval
Sec. 8. The commissioner shall approve the application andpermit the conversion under the plan of conversion and theamendment to the articles of incorporation if the commissioner finds,following the public hearing, if required:
(1) that the amount and form of consideration is fair in theaggregate and to each member class;
(2) that the plan of conversion and the amendment to thearticles of incorporation:
(A) comply with this article and other applicable laws;
(B) are fair, reasonable, and equitable to the eligiblemembers; and
(C) will not prejudice the interests of the other policyholdersof the converting mutual; and
(3) except for a simple plan of conversion, that the totalconsideration provided to eligible members upon theextinguishing of the converting mutual's membership interestsis equal to or greater than the surplus of the converting mutual.
As added by P.L.94-1999, SEC.3.
IC 27-15-4-9
Waiver of findings for application approval
Sec. 9. The commissioner may waive the requirement of section8(3) of this chapter upon a showing of good cause.
As added by P.L.94-1999, SEC.3.