IC 27-14-6
Chapter 6. Public Hearing, Commissioner Approval, and Effective
Date of Plan to Issue Stock
IC 27-14-6-1 Public hearing
Sec. 1. Not more than:
(1) sixty (60) days after the acceptance of an application filed
with respect to a plan to issue stock under IC 27-14-4; or
(2) a longer period after the application is filed, as determined
by the commissioner upon a showing of good cause;
the commissioner may conduct a public hearing under IC 4-22-2-26
to afford interested persons an opportunity to present information,
views, arguments, or comments about the plan. As added by P.L.5-2000, SEC.4.
IC 27-14-6-2 Notice of hearing
Sec. 2. (a) At least thirty (30) days before a hearing held under
this chapter, the commissioner shall publish notice of the hearing in
a newspaper of general circulation in:
(1) the city of Indianapolis;
(2) the city in which the principal office of the applicant is
located; and
(3) another city or cities that the commissioner considers
appropriate;
and may provide written notice of the hearing by other means and to
other persons that the commissioner considers appropriate.
(b) The notice provided under this section must:
(1) refer to the applicable statutory provisions;
(2) state the date, time, and location of the hearing; and
(3) include a brief statement of the subject of the hearing. As added by P.L.5-2000, SEC.4.
IC 27-14-6-3 Issuance of order of approval or disapproval
Sec. 3. (a) On or before the later of:
(1) sixty (60) days after a public hearing held under this
chapter; or
(2) one hundred twenty (120) days after the commissioner
accepts the application relating to the plan;
or a longer period if extended by the commissioner for good cause,
the commissioner shall issue an order to approve or disapprove the
plan under IC 27-14-4 to issue stock.
(b) The commissioner shall fully consider any comments received
at a public hearing under IC 4-22-2-27 before issuing an order under
subsection (a). As added by P.L.5-2000, SEC.4.
IC 27-14-6-4 Financial adviser
Sec. 4. (a) The commissioner shall retain an independent financial
adviser who shall, on behalf of members, review the offering price
and issue a written opinion as to whether the offering price is fair
from a financial point of view to the members as a group.
(b) The commissioner's approval of a plan under section 6 of this
chapter is subject to the condition that a favorable opinion of the
financial advisor is delivered to the commissioner before the stock
is issued.
(c) The fees and expenses of the financial adviser shall be paid by
the issuer of the stock. As added by P.L.5-2000, SEC.4.
IC 27-14-6-5 Findings requiring disapproval
Sec. 5. The commissioner shall approve a plan to issue stock
submitted under IC 27-14-4 unless the commissioner makes at least
one (1) of the following findings with respect to the plan:
(1) Disapproval of the plan is necessary to prevent practices that
will cause financial impairment to the applicant or its
subsidiaries.
(2) The financial or management resources of the applicant or
its subsidiaries or affiliates warrant disapproval.
(3) The plan does not comply with this article.
(4) The proposed plan is unfair, unreasonable or inequitable to
members or policyholders.
(5) The plan does not comply with the members' surplus
protection principle. As added by P.L.5-2000, SEC.4.
IC 27-14-6-6 Copy of order; written statement of reasons for disapproval
Sec. 6. (a) The commissioner shall transmit to the applicant a
copy of any order approving or disapproving a plan.
(b) If the commissioner disapproves a plan, the commissioner
shall provide the applicant with a written statement detailing the
reasons for the disapproval. As added by P.L.5-2000, SEC.4.
IC 27-14-6-7 Expiration of commissioner's approval
Sec. 7. The approval by the commissioner of a plan to issue stock
expires one hundred eighty (180) days after the date of approval,
except as otherwise provided by an order of the commissioner. As added by P.L.5-2000, SEC.4.
IC 27-14-6-8 Amendment of articles of incorporation
Sec. 8. The amendment of the articles of incorporation of a
domestic insurance company under a plan under this article must be
conducted in compliance with IC 27-1-8, except as provided in this
chapter. As added by P.L.5-2000, SEC.4.
IC 27-14-6
Chapter 6. Public Hearing, Commissioner Approval, and Effective
Date of Plan to Issue Stock
IC 27-14-6-1 Public hearing
Sec. 1. Not more than:
(1) sixty (60) days after the acceptance of an application filed
with respect to a plan to issue stock under IC 27-14-4; or
(2) a longer period after the application is filed, as determined
by the commissioner upon a showing of good cause;
the commissioner may conduct a public hearing under IC 4-22-2-26
to afford interested persons an opportunity to present information,
views, arguments, or comments about the plan. As added by P.L.5-2000, SEC.4.
IC 27-14-6-2 Notice of hearing
Sec. 2. (a) At least thirty (30) days before a hearing held under
this chapter, the commissioner shall publish notice of the hearing in
a newspaper of general circulation in:
(1) the city of Indianapolis;
(2) the city in which the principal office of the applicant is
located; and
(3) another city or cities that the commissioner considers
appropriate;
and may provide written notice of the hearing by other means and to
other persons that the commissioner considers appropriate.
(b) The notice provided under this section must:
(1) refer to the applicable statutory provisions;
(2) state the date, time, and location of the hearing; and
(3) include a brief statement of the subject of the hearing. As added by P.L.5-2000, SEC.4.
IC 27-14-6-3 Issuance of order of approval or disapproval
Sec. 3. (a) On or before the later of:
(1) sixty (60) days after a public hearing held under this
chapter; or
(2) one hundred twenty (120) days after the commissioner
accepts the application relating to the plan;
or a longer period if extended by the commissioner for good cause,
the commissioner shall issue an order to approve or disapprove the
plan under IC 27-14-4 to issue stock.
(b) The commissioner shall fully consider any comments received
at a public hearing under IC 4-22-2-27 before issuing an order under
subsection (a). As added by P.L.5-2000, SEC.4.
IC 27-14-6-4 Financial adviser
Sec. 4. (a) The commissioner shall retain an independent financial
adviser who shall, on behalf of members, review the offering price
and issue a written opinion as to whether the offering price is fair
from a financial point of view to the members as a group.
(b) The commissioner's approval of a plan under section 6 of this
chapter is subject to the condition that a favorable opinion of the
financial advisor is delivered to the commissioner before the stock
is issued.
(c) The fees and expenses of the financial adviser shall be paid by
the issuer of the stock. As added by P.L.5-2000, SEC.4.
IC 27-14-6-5 Findings requiring disapproval
Sec. 5. The commissioner shall approve a plan to issue stock
submitted under IC 27-14-4 unless the commissioner makes at least
one (1) of the following findings with respect to the plan:
(1) Disapproval of the plan is necessary to prevent practices that
will cause financial impairment to the applicant or its
subsidiaries.
(2) The financial or management resources of the applicant or
its subsidiaries or affiliates warrant disapproval.
(3) The plan does not comply with this article.
(4) The proposed plan is unfair, unreasonable or inequitable to
members or policyholders.
(5) The plan does not comply with the members' surplus
protection principle. As added by P.L.5-2000, SEC.4.
IC 27-14-6-6 Copy of order; written statement of reasons for disapproval
Sec. 6. (a) The commissioner shall transmit to the applicant a
copy of any order approving or disapproving a plan.
(b) If the commissioner disapproves a plan, the commissioner
shall provide the applicant with a written statement detailing the
reasons for the disapproval. As added by P.L.5-2000, SEC.4.
IC 27-14-6-7 Expiration of commissioner's approval
Sec. 7. The approval by the commissioner of a plan to issue stock
expires one hundred eighty (180) days after the date of approval,
except as otherwise provided by an order of the commissioner. As added by P.L.5-2000, SEC.4.
IC 27-14-6-8 Amendment of articles of incorporation
Sec. 8. The amendment of the articles of incorporation of a
domestic insurance company under a plan under this article must be
conducted in compliance with IC 27-1-8, except as provided in this
chapter. As added by P.L.5-2000, SEC.4.
IC 27-14-6
Chapter 6. Public Hearing, Commissioner Approval, and Effective
Date of Plan to Issue Stock
IC 27-14-6-1 Public hearing
Sec. 1. Not more than:
(1) sixty (60) days after the acceptance of an application filed
with respect to a plan to issue stock under IC 27-14-4; or
(2) a longer period after the application is filed, as determined
by the commissioner upon a showing of good cause;
the commissioner may conduct a public hearing under IC 4-22-2-26
to afford interested persons an opportunity to present information,
views, arguments, or comments about the plan. As added by P.L.5-2000, SEC.4.
IC 27-14-6-2 Notice of hearing
Sec. 2. (a) At least thirty (30) days before a hearing held under
this chapter, the commissioner shall publish notice of the hearing in
a newspaper of general circulation in:
(1) the city of Indianapolis;
(2) the city in which the principal office of the applicant is
located; and
(3) another city or cities that the commissioner considers
appropriate;
and may provide written notice of the hearing by other means and to
other persons that the commissioner considers appropriate.
(b) The notice provided under this section must:
(1) refer to the applicable statutory provisions;
(2) state the date, time, and location of the hearing; and
(3) include a brief statement of the subject of the hearing. As added by P.L.5-2000, SEC.4.
IC 27-14-6-3 Issuance of order of approval or disapproval
Sec. 3. (a) On or before the later of:
(1) sixty (60) days after a public hearing held under this
chapter; or
(2) one hundred twenty (120) days after the commissioner
accepts the application relating to the plan;
or a longer period if extended by the commissioner for good cause,
the commissioner shall issue an order to approve or disapprove the
plan under IC 27-14-4 to issue stock.
(b) The commissioner shall fully consider any comments received
at a public hearing under IC 4-22-2-27 before issuing an order under
subsection (a). As added by P.L.5-2000, SEC.4.
IC 27-14-6-4 Financial adviser
Sec. 4. (a) The commissioner shall retain an independent financial
adviser who shall, on behalf of members, review the offering price
and issue a written opinion as to whether the offering price is fair
from a financial point of view to the members as a group.
(b) The commissioner's approval of a plan under section 6 of this
chapter is subject to the condition that a favorable opinion of the
financial advisor is delivered to the commissioner before the stock
is issued.
(c) The fees and expenses of the financial adviser shall be paid by
the issuer of the stock. As added by P.L.5-2000, SEC.4.
IC 27-14-6-5 Findings requiring disapproval
Sec. 5. The commissioner shall approve a plan to issue stock
submitted under IC 27-14-4 unless the commissioner makes at least
one (1) of the following findings with respect to the plan:
(1) Disapproval of the plan is necessary to prevent practices that
will cause financial impairment to the applicant or its
subsidiaries.
(2) The financial or management resources of the applicant or
its subsidiaries or affiliates warrant disapproval.
(3) The plan does not comply with this article.
(4) The proposed plan is unfair, unreasonable or inequitable to
members or policyholders.
(5) The plan does not comply with the members' surplus
protection principle. As added by P.L.5-2000, SEC.4.
IC 27-14-6-6 Copy of order; written statement of reasons for disapproval
Sec. 6. (a) The commissioner shall transmit to the applicant a
copy of any order approving or disapproving a plan.
(b) If the commissioner disapproves a plan, the commissioner
shall provide the applicant with a written statement detailing the
reasons for the disapproval. As added by P.L.5-2000, SEC.4.
IC 27-14-6-7 Expiration of commissioner's approval
Sec. 7. The approval by the commissioner of a plan to issue stock
expires one hundred eighty (180) days after the date of approval,
except as otherwise provided by an order of the commissioner. As added by P.L.5-2000, SEC.4.
IC 27-14-6-8 Amendment of articles of incorporation
Sec. 8. The amendment of the articles of incorporation of a
domestic insurance company under a plan under this article must be
conducted in compliance with IC 27-1-8, except as provided in this
chapter. As added by P.L.5-2000, SEC.4.
