Sec. 6. An MIHC and its subsidiaries and affiliates may not do any of the following:
(1) Lend funds to a person to finance the purchase of stock in a stock offering by an MIHC or any of its subsidiaries other than policyholder loans granted under the terms of an insurance policy of a subsidiary.
(2) Pay commissions, special fees, or other special or extraordinary compensation to officers, directors, interested persons, or affiliates for arranging, promoting, aiding, assisting, or participating in the structure or placement of a stock offering by the MIHC or any of its subsidiaries, except to the extent permitted under IC 27-14-4.
(3) Enter into an understanding or agreement transferring legal or beneficial ownership of stock to another person in avoidance of this article.
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