Sec. 3. The closed block shall be operated for the exclusive benefit of policies and contracts included in it. No costs or expenses incurred in connection with the conversion shall be charged to the closed block. Subject to termination of the closed block under section 7 of this chapter, none of the assets allocated to the closed block or the revenue derived from those assets may revert to the benefit of the stockholders of the former mutual or any parent company.
As added by P.L.94-1999, SEC.3.
Structure Indiana Code
Article 15. Demutualization of Mutual Insurance Companies
Chapter 11. Use of a Closed Block
27-15-11-1. Applicability of Chapter
27-15-11-2. Preparation of Written Plan of Operation
27-15-11-3. Operation of Closed Block; Nonreversion of Assets
27-15-11-4. Sufficiency of Assets
27-15-11-5. Designation of Assets
27-15-11-6. Methods for Assignment or Designation of Assets
27-15-11-7. Conditions for Ceasing Maintenance of Closed Block