§ 27-14.5-1-9 — "Associate"

Indiana § 27-14.5-1-9

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 14.5: MUTUAL INSURANCE HOLDING COMPANY
• Ch. 1: General Provisions and Definitions

Text

(a) Subject to subsection (b), "associate"
means any of the following:
(1) With respect to a particular person, corporation, business
entity, or other organization (other than the applicant or an
affiliate of the applicant) for which the person is:
(A) an officer;
(B) a partner; or
(C) directly or indirectly the beneficial owner of at least ten
percent (10%) of any class of equity securities.
(2) With respect to an individual who is a director or an officer of
the applicant or of any of the applicant's affiliates, a:
(A) spouse; or
(B) member of the immediate family sharing the same
household.
(3) With respect to a particular person, a trust or other estate in
which the person has a substantial beneficial interest or for which
the person serves as trustee or in a similar fiduciary capacity.
(b) The term does not apply to a person that:
(1) has a beneficial interest in; or
(2) serves as a trustee or in a similar fiduciary capacity for;
an employee benefit plan.

Legislative History

As added by P.L.226-2023, SEC.30.