Sec. 3. (a) A plan of reorganization must be adopted by the board of directors of the MIC.
(b) For a plan of reorganization to be adopted by the board of directors of an MIC, at least seventy-five percent (75%) of the members of the board of directors must vote in favor of the adoption.
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