Sec. 12. (a) A domestic MIC may reorganize with a foreign mutual holding company by complying with IC 27-14-2. The commissioner may waive any provision of IC 27-14-2 if the commissioner determines the provision to be unnecessary for the protection of policyholders and members.
(b) A plan of reorganization under subsection (a) is effective when the reorganized domestic stock insurance company subsidiary has filed its articles of amendment and amended certificate of authority in the office of the county recorder of the county in which the principal office of the company is located or at a later date specified in the plan of reorganization.
(c) A domestic MIC seeking to reorganize under subsection (a) may at the same time redomesticate to another state by complying with IC 27-1-6.5 and the applicable requirements of the state to which it seeks to transfer domicile.
As added by P.L.5-2000, SEC.4.
Structure Indiana Code
Article 14. Mutual Insurance Holding Company Law
Chapter 7. Miscellaneous Provisions
27-14-7-1. Supplemental Nature of Article; Applicability of Other Insurance Statutes
27-14-7-2. Limitation of Actions
27-14-7-3. Severability of Provisions
27-14-7-4. Judicial Review of Action of Commissioner; Mandamus
27-14-7-5. Treatment of Confidential Information
27-14-7-7. Reorganized Insurer or Mihc Having All Rights and Obligations of Mic
27-14-7-8. Effect of Reorganization on Pending Actions
27-14-7-9. Conversion of Mihc to Stock Company
27-14-7-10. Experts Hired by Commissioner
27-14-7-12. Reorganization of Domestic Mic With Foreign Mutual Holding Company
27-14-7-13. Acquisition of Foreign Mic by Existing Mihc; Granting Membership Interests
27-14-7-14. Concurrent Reorganization of Multiple Mics Into Single Mihc
27-14-7-15. Reorganization of Mihc With Foreign Mutual Insurance Holding Company