Indiana § 27-11-5-5 Conversion and licensing as mutual life insurance company

Indiana Statutes

§ 27-11-5-5 — Conversion and licensing as mutual life insurance company

Indiana·Title 27 INSURANCE·Art. 11 FRATERNAL BENEFIT SOCIETIES·Ch. 5 Governance

Any domestic fraternal benefit society may be
converted and licensed as a mutual life insurance company by
compliance with all the requirements of the insurance law for mutual
life insurance companies. A plan of conversion shall be prepared in
writing by the board of directors setting forth in full the terms and
conditions of conversion. The affirmative vote of two-thirds (2/3) of all
members of the supreme governing body at a regular or special meeting
shall be necessary for the approval of the plan. No conversion shall
take effect unless and until approved by the commissioner, who may
give the approval if the commissioner finds that the proposed change
is in conformity with the requirements of law and not prejudicial to the
certificate holders of the society.

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Any domestic fraternal benefit society may be
converted and licensed as a mutual life insurance company by
compliance with all the requirements of the insurance law for mutual
life insurance companies. A plan of conversion shall be prepared in
writing by the board of directors setting forth in full the terms and
conditions of conversion. The affirmative vote of two-thirds (2/3) of all
members of the supreme governing body at a regular or special meeting
shall be necessary for the approval of the plan. No conversion shall
take effect unless and until approved by the commissioner, who may
give the approval if the commissioner finds that the proposed change
is in conformity with the requirements of law and not prejudicial to the
certificate holders of the society.

Indiana § 27-11-5-5 (Conversion and licensing as mutual life insurance company) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.