Indiana Code
Title 27. Insurance
Article 14. Mutual Insurance Holding Company Law

Chapter 1. General Provisions and Definitions

27-14-1-1. Short Title - Sec. 1. This article may be referred to as the...

27-14-1-1.1. Intent of Article; Alternative Organizational Structure - Sec. 1.1. (a) This article is intended to enable mutual...

27-14-1-2. "Members' Surplus Protection Principle" - Sec. 2. (a) The requirements of this section constitute the...

27-14-1-3. Applicability of Definitions - Sec. 3. The definitions set forth in this chapter apply...

27-14-1-4. "Acting in Concert" - Sec. 4. (a) Subject to subsection (b), "acting in concert"...

27-14-1-5. "Adoption Date" - Sec. 5. "Adoption date" means, with respect to a plan,...

27-14-1-6. "Affiliate" - Sec. 6. "Affiliate" means a person who, directly or indirectly:...

27-14-1-7. "Applicant" - Sec. 7. "Applicant" means, with respect to a plan, a...

27-14-1-8. "Associate" - Sec. 8. (a) Subject to subsection (b), "associate" means any...

27-14-1-9. "Board" - Sec. 9. "Board" means: (1) the board of directors of...

27-14-1-10. "Commissioner" - Sec. 10. "Commissioner" refers to the insurance commissioner appointed under...

27-14-1-11. "Company" - Sec. 11. "Company" means any of the following: (1) An...

27-14-1-12. "Disinterested Director" - Sec. 12. "Disinterested director" means a director of an MIHC...

27-14-1-13. "Effective Date" - Sec. 13. "Effective date" means, with respect to a plan,...

27-14-1-14. "Eligible Member" - Sec. 14. "Eligible member" means, with respect to a plan,...

27-14-1-15. "Employee Benefit Plan" - Sec. 15. "Employee benefit plan" means an employee benefit plan...

27-14-1-16. "Financial Services Businesses" - Sec. 16. "Financial services businesses" includes investment banking, commercial banking,...

27-14-1-17. "Immediate Family" - Sec. 17. "Immediate family" means any child, stepchild, grandchild, parent,...

27-14-1-18. "Internal Revenue Code" - Sec. 18. "Internal Revenue Code" refers to the Internal Revenue...

27-14-1-19. "Material Ownership Interest" - Sec. 19. "Material ownership interest" means an ownership interest equal...

27-14-1-20. "Member" - Sec. 20. "Member" means a person that, according to the:...

27-14-1-21. "Member's Interest" - Sec. 21. "Member's interest" means: (1) the voting rights of...

27-14-1-22. "Mic" - Sec. 22. "MIC" refers to a mutual insurance company. As...

27-14-1-23. "Mihc" - Sec. 23. "MIHC" refers to a mutual insurance holding company....

27-14-1-24. "Mutual Insurance Company" or "Mic" - Sec. 24. "Mutual insurance company" or "MIC" means a mutual...

27-14-1-25. "Mutual Insurance Holding Company" or "Mihc" - Sec. 25. "Mutual insurance holding company" or "MIHC" means a...

27-14-1-26. "Net Income" - Sec. 26. "Net income" means an amount equal to the...

27-14-1-27. "Ordinary Course of the Insurance Business" - Sec. 27. "Ordinary course of the insurance business" includes but...

27-14-1-28. "Outside Director" - Sec. 28. (a) "Outside director" means an individual who: (1)...

27-14-1-29. "Participating Policy" - Sec. 29. "Participating policy" means a policy providing for the...

27-14-1-30. "Person" - Sec. 30. "Person" means any of the following: (1) An...

27-14-1-31. "Plan" - Sec. 31. "Plan" means a plan: (1) of reorganization; or...

27-14-1-32. "Plan of Reorganization" - Sec. 32. "Plan of reorganization" means a plan adopted under...

27-14-1-33. "Plan to Issue Stock" - Sec. 33. "Plan to issue stock" means a plan to...

27-14-1-34. "Policy" - Sec. 34. "Policy" means a contract providing one (1) or...

27-14-1-35. "Reorganized Insurer" - Sec. 35. "Reorganized insurer" means an entity: (1) that is...

27-14-1-36. "Stock Holding Company" - Sec. 36. "Stock holding company" means an entity other than...

27-14-1-37. "Subsidiary" - Sec. 37. "Subsidiary" means, with respect to a particular person,...

27-14-1-38. "Voting Capital Stock" - Sec. 38. "Voting capital stock" means capital stock whose holder...

Chapter 2. Mutual Insurance Company Reorganization

27-14-2-1. Prerequisites to Reorganization - Sec. 1. (a) A mutual insurance company (MIC) may reorganize...

27-14-2-2. Methods of Reorganization - Sec. 2. The reorganization of an MIC or two (2)...

27-14-2-3. Adoption of Plan of Reorganization by Directors - Sec. 3. (a) A plan of reorganization must be adopted...

27-14-2-4. Application for Reorganization - Sec. 4. Within ninety (90) days after the adoption of...

27-14-2-5. Requirements for Plan of Reorganization - Sec. 5. A plan of reorganization filed with the commissioner...

27-14-2-6. Amendment or Termination of Plan of Reorganization - Sec. 6. (a) A plan of reorganization that is adopted...

27-14-2-7. Public Hearing - Sec. 7. (a) The commissioner shall, as soon as practicable...

27-14-2-8. Notice of Hearing to Members and Policyholders - Sec. 8. The applicant shall, at least thirty (30) days...

27-14-2-9. Prerequisites to Approval of Plan of Reorganization - Sec. 9. The commissioner may not approve a plan of...

27-14-2-10. Approval or Disapproval of Plan of Reorganization by Commissioner - Sec. 10. (a) Not more than one hundred eighty (180)...

27-14-2-11. Notice of Approval or Disapproval - Sec. 11. The commissioner shall notify the applicant upon reaching...

27-14-2-12. Submitting Plan of Reorganization to Members - Sec. 12. (a) A plan of reorganization of an MIC...

27-14-2-13. Voting on Plan of Reorganization - Sec. 13. Notwithstanding IC 27-1-7-9, with respect to a vote...

27-14-2-14. Approval of Plan of Reorganization by Members - Sec. 14. For a plan of reorganization to be approved...

27-14-2-15. Filing Minutes of Meeting at Which Plan Approved - Sec. 15. Not later than thirty (30) days after members...

27-14-2-16. Issuance of Permit for Completion of Organization - Sec. 16. (a) Before the commissioner issues a permit for...

27-14-2-17. Effectiveness of Plan of Reorganization - Sec. 17. A plan of reorganization is effective when each...

27-14-2-18. Organization of Insurer Under Plan of Reorganization - Sec. 18. The organization of a domestic insurance company under...

27-14-2-19. Amendment of Articles of Incorporation of Insurer Under Plan of Reorganization - Sec. 19. The amendment of the articles of incorporation of...

Chapter 3. Mutual Insurance Holding Companies

27-14-3-1. Requirement to Comply With Ic 27-14-2 - Sec. 1. An MIHC organized under this article must meet...

27-14-3-2. Contents of Articles of Incorporation - Sec. 2. The articles of incorporation of an MIHC must...

27-14-3-3. Rights and Obligations of Members - Sec. 3. Members of an MIHC have rights and obligations...

27-14-3-4. Direct Payments to Members - Sec. 4. The MIHC may not make any direct payment...

27-14-3-5. Outside Directors - Sec. 5. (a) At least a majority of the following...

27-14-3-6. Rights and Obligations of an Mihc - Sec. 6. (a) Except as provided in subsection (b), an...

27-14-3-7. Annual Statement; Certifications - Sec. 7. (a) Not later than July 1 of each...

27-14-3-8. Material Transactions - Sec. 8. (a) For the purposes of IC 27-1-23: (1)...

27-14-3-9. Interest of Member Not Considered a Security - Sec. 9. The interest of a member in an MIHC...

27-14-3-10. Fiduciary Responsibilities and Liability of Officers and Directors - Sec. 10. (a) After the effective date of a plan...

27-14-3-11. Dividends and Distributions - Sec. 11. (a) The reorganized insurer must obtain commissioner approval...

27-14-3-12. Compensation of Directors and Executive Officers - Sec. 12. (a) For purposes of this section, "executive officer"...

27-14-3-13. Investment and Operations in Businesses Outside Insurance Business - Sec. 13. A company may invest and conduct operations in...

Chapter 4. Issuance of Capital Stock

27-14-4-1. Applicability of Chapter; Issuance of Stock - Sec. 1. (a) This chapter applies only to the initial...

27-14-4-2. Adoption of Plan to Issue Stock - Sec. 2. A plan to issue stock under this chapter...

27-14-4-3. Amendment or Withdrawal of Plan - Sec. 3. A board of directors that adopts a plan...

27-14-4-4. Application to Issue Stock - Sec. 4. Within ninety (90) days after the adoption of...

27-14-4-5. Mandatory Provisions of Plan to Issue Stock - Sec. 5. A plan to issue stock in a public...

27-14-4-6. Permitted Provisions of Plan to Issue Stock - Sec. 6. Subject to the limitations of IC 27-14-5, a...

27-14-4-7. Stock Option as Compensation of Officer or Director Prohibited - Sec. 7. Notwithstanding any provision of this article, an MIHC...

27-14-4-8. Restrictions on Dividends and Distributions - Sec. 8. Neither a stock holding company nor a reorganized...

Chapter 5. Restrictions on Capital and Other Stock

27-14-5-1. Mihc to Retain Majority of Voting Stock - Sec. 1. After the effective date of the plan of...

27-14-5-2. Limits on Aggregate Number of Shares Owned by Directors and Officers - Sec. 2. (a) As used in this section, "CPI adjustment"...

27-14-5-3. Limit on Aggregate Number of Shares Owned by Single Director or Officer - Sec. 3. The aggregate number of shares of equity securities...

27-14-5-4. Fees or Commissions for Issuance of Stock Prohibited - Sec. 4. A director, officer, agent, or employee of the...

27-14-5-5. Limit on Aggregate Number of Shares Owned by Employee Benefit Plan - Sec. 5. The aggregate number of shares of stock that...

27-14-5-6. Only Publicly Traded Stock to Be Issued to Directors or Officers - Sec. 6. A reorganized insurer or stock holding company may...

27-14-5-7. Stock Option or Sale of Stock Below Fair Market Value as Compensation of Officer or Director Prohibited - Sec. 7. A reorganized insurer or stock holding company may...

27-14-5-8. Stock Purchase Options for Directors or Officers Prohibited Until Six Months After Public Trading Begins - Sec. 8. A reorganized insurer or stock holding company may...

27-14-5-9. Factors in Determining Compliance With Ownership Restrictions - Sec. 9. (a) For purposes of determining compliance with ownership...

Chapter 6. Public Hearing, Commissioner Approval, and Effective Date of Plan to Issue Stock

27-14-6-1. Public Hearing - Sec. 1. Not more than: (1) sixty (60) days after...

27-14-6-2. Notice of Hearing - Sec. 2. (a) At least thirty (30) days before a...

27-14-6-3. Issuance of Order of Approval or Disapproval - Sec. 3. (a) On or before the later of: (1)...

27-14-6-4. Financial Adviser - Sec. 4. (a) The commissioner shall retain an independent financial...

27-14-6-5. Findings Requiring Disapproval - Sec. 5. The commissioner shall approve a plan to issue...

27-14-6-6. Copy of Order; Written Statement of Reasons for Disapproval - Sec. 6. (a) The commissioner shall transmit to the applicant...

27-14-6-7. Expiration of Commissioner's Approval - Sec. 7. The approval by the commissioner of a plan...

27-14-6-8. Amendment of Articles of Incorporation - Sec. 8. The amendment of the articles of incorporation of...

Chapter 7. Miscellaneous Provisions

27-14-7-1. Supplemental Nature of Article; Applicability of Other Insurance Statutes - Sec. 1. (a) This article, while independent of any other...

27-14-7-2. Limitation of Actions - Sec. 2. A civil action: (1) challenging the validity of;...

27-14-7-3. Severability of Provisions - Sec. 3. The provisions of this article are severable in...

27-14-7-4. Judicial Review of Action of Commissioner; Mandamus - Sec. 4. (a) A person who is aggrieved by an...

27-14-7-5. Treatment of Confidential Information - Sec. 5. (a) Except as provided in this section, IC...

27-14-7-6. Prohibited Acts - Sec. 6. An MIHC and its subsidiaries and affiliates may...

27-14-7-7. Reorganized Insurer or Mihc Having All Rights and Obligations of Mic - Sec. 7. (a) Except as provided in subsection (b), a...

27-14-7-8. Effect of Reorganization on Pending Actions - Sec. 8. If a proceeding is pending against an MIC...

27-14-7-9. Conversion of Mihc to Stock Company - Sec. 9. An MIHC may convert to a stock company...

27-14-7-10. Experts Hired by Commissioner - Sec. 10. The commissioner shall, at the applicant's expense, hire...

27-14-7-11. Adoption of Rules - Sec. 11. The commissioner may adopt rules under IC 4-22-2...

27-14-7-12. Reorganization of Domestic Mic With Foreign Mutual Holding Company - Sec. 12. (a) A domestic MIC may reorganize with a...

27-14-7-13. Acquisition of Foreign Mic by Existing Mihc; Granting Membership Interests - Sec. 13. (a) An existing MIHC may, with the prior...

27-14-7-14. Concurrent Reorganization of Multiple Mics Into Single Mihc - Sec. 14. The concurrent reorganization of two (2) or more...

27-14-7-15. Reorganization of Mihc With Foreign Mutual Insurance Holding Company - Sec. 15. An MIHC may reorganize with a foreign mutual...

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Indiana Code Title 27. Insurance Article 14. Mutual Insurance Holding Company Law

Indiana Code
Title 27. Insurance
Article 14. Mutual Insurance Holding Company Law