CHAPTER 6. IMPLEMENTATION OF APPROVED PLAN OF CONVERSION

IC 27-15-6
    Chapter 6. Implementation of Approved Plan of Conversion

IC 27-15-6-1
Consummation of plan
    Sec. 1. After the proposed plan of conversion and amendment tothe converting mutual's articles of incorporation are approved by thecommissioner and approved by the members under this article, theconverting mutual may proceed to consummate the plan and complywith IC 27-1-8.
As added by P.L.94-1999, SEC.3.

IC 27-15-6-2
Effective date
    Sec. 2. The plan of conversion and the amendment to the articlesof incorporation of the converting mutual become effective upon thedate and time of approval of the articles of amendment by thesecretary of state as provided in IC 27-1-8-8, unless a later date andtime are specified in the articles of amendment, in which event theplan of conversion and amendment become effective and take placeat the later date and time.
As added by P.L.94-1999, SEC.3.

IC 27-15-6-3
Effect of plan and amendment
    Sec. 3. When the plan of conversion and the amendment to thearticles of incorporation of the converting mutual become effective:
        (1) the converting mutual shall:
            (A) be converted from a domestic mutual insurance companyto a domestic stock insurance company; and
            (B) have all the rights, privileges, immunities, and powersand be subject to all the duties and liabilities of a stockinsurance company existing under this title;
        (2) the membership interests of every member and policyholderof the converting mutual are extinguished and cease; and
        (3) the rights of every member and policyholder of theconverting mutual under any contract of insurance continue inforce under the terms of the contract, including rights, if any, topolicyholder dividends.
As added by P.L.94-1999, SEC.3.

IC 27-15-6-4
Continuation of former mutual
    Sec. 4. The former mutual shall be a continuation of the originalconverting mutual in all of the following respects:
        (1) The former mutual shall be recognized as an insurancecompany formed under the laws of this state as of the date ofthe company's original organization.
        (2) The conversion does not in any way annul, modify, orchange any of the original converting mutual's existing suits,

claims, demands, rights, contracts, or other assets, or absoluteor contingent liabilities.
        (3) The former mutual shall be vested in all of the rights,franchises, and interests of the converting mutual in and toevery species of property without any deed or transfer.
        (4) The former mutual shall succeed to all the obligations andliabilities of the converting mutual and retain all rights andcontracts existing before the effectiveness of the conversion.
As added by P.L.94-1999, SEC.3.

IC 27-15-6-5
Compliance with capital and surplus requirements
    Sec. 5. The former mutual shall comply with the minimum capitaland surplus requirements applicable to domestic stock insurancecompanies as though the former mutual was organized as a stockinsurance company on its original date of organization.
As added by P.L.94-1999, SEC.3.