Sec. 12. (a) A plan of reorganization of an MIC must be submitted for approval by the eligible members of the MIC after approval of the application by the commissioner under section 10 of this chapter. A vote by the eligible members to approve the plan must be made at a special or annual meeting held under IC 27-1-7-7 and this chapter.
(b) The eligible members must be sent notice of the meeting at which a plan of reorganization will be submitted for approval by eligible members. The notice must:
(1) be mailed at least thirty (30) days before the meeting;
(2) refer to the applicable statutory provisions;
(3) state the date, time, and location of the meeting;
(4) include or be accompanied by a brief statement of the subject of the meeting, including specific notice to the member that the member's interest in the MIC will be affected by the reorganization;
(5) include or be accompanied by a copy of the plan or a summary of the plan; and
(6) describe the member's right to attend and participate in the meeting.
(c) The notice sent under this section must achieve a minimum score of forty (40) on the Flesch reading ease test or an equivalent score on a comparable test approved by the commissioner.
As added by P.L.5-2000, SEC.4.
Structure Indiana Code
Article 14. Mutual Insurance Holding Company Law
Chapter 2. Mutual Insurance Company Reorganization
27-14-2-1. Prerequisites to Reorganization
27-14-2-2. Methods of Reorganization
27-14-2-3. Adoption of Plan of Reorganization by Directors
27-14-2-4. Application for Reorganization
27-14-2-5. Requirements for Plan of Reorganization
27-14-2-6. Amendment or Termination of Plan of Reorganization
27-14-2-8. Notice of Hearing to Members and Policyholders
27-14-2-9. Prerequisites to Approval of Plan of Reorganization
27-14-2-10. Approval or Disapproval of Plan of Reorganization by Commissioner
27-14-2-11. Notice of Approval or Disapproval
27-14-2-12. Submitting Plan of Reorganization to Members
27-14-2-13. Voting on Plan of Reorganization
27-14-2-14. Approval of Plan of Reorganization by Members
27-14-2-15. Filing Minutes of Meeting at Which Plan Approved
27-14-2-16. Issuance of Permit for Completion of Organization
27-14-2-17. Effectiveness of Plan of Reorganization
27-14-2-18. Organization of Insurer Under Plan of Reorganization
27-14-2-19. Amendment of Articles of Incorporation of Insurer Under Plan of Reorganization