Sec. 7. A reorganized insurer or stock holding company may not:
(1) grant stock purchase options or warrants, or otherwise use securities to provide compensation to directors or officers, or both, at a price less than the fair market value of the security on the date of the grant; or
(2) sell securities to directors or officers, or both, at a price less than the fair market value of the security (except under the exercise of authorized stock options consistent with subdivision (1) and section 8 of this chapter).
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