Sec. 13. (a) An existing MIHC may, with the prior approval of the commissioner:
(1) acquire direct or indirect ownership of a converting foreign MIC that becomes a stock insurer in compliance with the laws of its state of domicile; and
(2) grant membership interests and equity rights to the members or policyholders of a foreign mutual insurer that merges with a direct or indirect domestic or foreign subsidiary of the MIHC or is otherwise acquired by the MIHC.
(b) The commissioner shall consider the fairness of the terms and conditions of the transaction, whether the interests of the members of each MIHC that is a party to the transaction are protected, and whether the proposed transaction is in the public interest when determining whether to approve a transaction under subsection (a).
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