Sec. 15. No such corporation, association, or society, organized under the laws of this state, shall transfer its risks to, or reinsure them in any other corporation, association, or society unless the contract of transfer or reinsurance is first submitted to and approved by a two-thirds (2/3) vote of a meeting of the insured, called to consider the same, of which meeting, a written or printed notice shall be mailed to each member, certificate holder, or policyholder, at least thirty (30) days before the day fixed for such meeting. If such transfer or reinsurance shall be approved, every member, certificate holder or policyholder of the corporation, association, or society, who shall file with the secretary of the corporation, association, or society, within ten (10) days after the meeting, a written notice of the member's, certificate holder's, or policyholder's preference to be transferred to some other corporation, association, or society, than that named in the contract, shall be accorded all the rights and privileges, if any, in aid of such transfer as would have been accorded under the terms of such contract had the member, certificate holder, or policyholder been transferred to the corporation, association, or society named. No such corporation, association, or society, organized under the laws of this state, shall transfer its risks or assets, or any part of its risks or assets, to, or reinsure its risks, or any part of its risks or assets, in any insurance corporation, association, or society of any other state or country, which is not at the time of such transfer or reinsurance authorized to do business in this state under the laws of this state.
Formerly: Acts 1897, c.195, s.15. As amended by P.L.136-2018, SEC.191.
Structure Indiana Code
Article 8. Life, Accident, and Health
Chapter 3. Mutual Life and Accident─formation
27-8-3-3. Directors, Trustees, or Managers
27-8-3-4. Determination of Fee Rates and Amount of Premiums, Assessments, or Periodical Calls; Risks
27-8-3-5. Reincorporation of Domestic Assessment Plan Companies; Exceptions
27-8-3-6. Application of Chapter to Assessment Plan Companies; Exceptions
27-8-3-7. Accumulation of Reserve or Emergency Fund; Investment; Additional Funds; Use of Excess
27-8-3-8. Assignment of Policy to Person Without Insurable Interest Void
27-8-3-9. Annual Report; Failure to File Report and Pay Fees; Suspension From Doing Business
27-8-3-10. Accident Insurance Business on Assessment Plan
27-8-3-11. Reserve Emergency Fund
27-8-3-12. Report of Affairs and Operations; Suspension for Failure to File
27-8-3-13. Authority to Deposit Securities; Investment of Reserve Funds
27-8-3-16. Examination at Request of Corporation; Certificate of Results; Expense
27-8-3-18. Attorney General; Exclusive Power to Apply for Accounting, Injunction, or Receivership
27-8-3-20. Foreign Corporations; Service of Process
27-8-3-21. Fraudulent Representations; Offenses
27-8-3-22. Eligible Beneficiaries; Change of Beneficiary
27-8-3-23. Exemption of Benefits and Premiums From Judicial Process
27-8-3-24. Violations; Revocation of Power to Do Business
27-8-3-26. Exempt Organizations
27-8-3-27. Legal Reserves; Compulsory Deposits; Filing of Forms; Exceptions