Sec. 2. (a) Any domestic mutual insurance company that:
(1) maintains its executive offices in Indiana; and
(2) employs at least five hundred (500) persons or a substantial percentage of its workforce in Indiana;
may, by amendment to its articles of incorporation, convert to a stock insurance company by means of a plan of conversion described in IC 27-15-2-2 or a simple plan of conversion described in IC 27-15-2-3 and IC 27-1-8.
(b) The commissioner shall determine whether a mutual insurance company meets the requirements of subsection (a)(2).
As added by P.L.94-1999, SEC.3. Amended by P.L.14-2000, SEC.61.
Structure Indiana Code
Article 15. Demutualization of Mutual Insurance Companies
Chapter 1. General Provisions and Definitions
27-15-1-2. Conversion Generally
27-15-1-3. Applicability of Definitions
27-15-1-5. "Company Action Level Rbc"
27-15-1-6. "Converting Mutual"
27-15-1-10. "Membership Interests"