Sec. 3. The aggregate number of shares of equity securities owned by:
(1) a single director or officer of the MIHC or any subsidiary of the MIHC;
(2) associates of the person referred to in subdivision (1); and
(3) persons acting in concert with the person referred to in subdivision (1) or (2);
may not exceed five percent (5%) of the total number of outstanding shares of equity securities of each reorganized insurer and any stock holding company excluding any equity securities acquired by or held for the benefit of the officers and directors and their associates through employee benefit plans as permitted by IC 27-14-4-6(1) and section 5 of this chapter, but including any equity securities beneficially owned by officers and directors and their associates under employee benefit plans as provided in IC 27-14-4-6(2).
As added by P.L.5-2000, SEC.4.
Structure Indiana Code
Article 14. Mutual Insurance Holding Company Law
Chapter 5. Restrictions on Capital and Other Stock
27-14-5-1. Mihc to Retain Majority of Voting Stock
27-14-5-2. Limits on Aggregate Number of Shares Owned by Directors and Officers
27-14-5-3. Limit on Aggregate Number of Shares Owned by Single Director or Officer
27-14-5-4. Fees or Commissions for Issuance of Stock Prohibited
27-14-5-5. Limit on Aggregate Number of Shares Owned by Employee Benefit Plan
27-14-5-6. Only Publicly Traded Stock to Be Issued to Directors or Officers
27-14-5-9. Factors in Determining Compliance With Ownership Restrictions