Indiana § 27-14.5-3-7 Alternative procedure for offer and sale of capital stock

Indiana Statutes

§ 27-14.5-3-7 — Alternative procedure for offer and sale of capital stock

Indiana § 27-14.5-3-7

Title 27INSURANCE

Art. 14.5MUTUAL INSURANCE HOLDING COMPANY

Ch. 3Issuance of Capital Stock

This text of Indiana § 27-14.5-3-7 (Alternative procedure for offer and sale of capital stock) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-14.5-3-7 (2026).

Text

A reorganized insurer or intermediate stock holding company may offer and sell voting capital stock without complying with sections 2 through 6 of this chapter if the board of directors of the reorganized insurer or intermediate stock holding company approves the offer and sale and each of the following conditions are satisfied:

(1)The offer is not the first offering of voting capital stock by the reorganized insurer or intermediate stock holding company to a person or persons other than a mutual insurance holding company or intermediate stock holding company.

(2)The stock that is to be offered and sold is:

(A)listed or approved for listing upon notice of issuance on the New York Stock Exchange, the Nasdaq Stock Market, LLC, or any other exchange approved and designated by the commissio

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A reorganized insurer or intermediate stock
holding company may offer and sell voting capital stock without
complying with sections 2 through 6 of this chapter if the board of
directors of the reorganized insurer or intermediate stock holding
company approves the offer and sale and each of the following
conditions are satisfied:
(1) The offer is not the first offering of voting capital stock by the
reorganized insurer or intermediate stock holding company to a
person or persons other than a mutual insurance holding company
or intermediate stock holding company.
(2) The stock that is to be offered and sold is:
(A) listed or approved for listing upon notice of issuance on the
New York Stock Exchange, the Nasdaq Stock Market, LLC, or
any other exchange approved and designated by the
commissioner; or
(B) of senior rank or substantially equal rank to stock of the
same issuer that is listed or designated under clause (A).
(3) The reorganized insurer or intermediate stock holding
company intending to make the offering delivers to the
commissioner, at least thirty (30) days before commencing the
offering, a notice containing the following information:
(A) The name of the entity intending to make the offering and
the affiliated mutual insurance holding company.
(B) The total number and type of shares that are intended to be
offered.
(C) The intended date of the sale and whether the sale will be
by an underwritten public offering, a private offering, or
otherwise.
(D) The exchanges on which the shares (or shares of junior or
substantially equal rank) are listed, or the national market
systems on which the shares are designated (demonstrating
compliance with subdivision (2)), together with the symbols
under which the shares are traded.
(E) A record of the trading price and trading volume of the
previously issued voting capital stock shares during the
immediately preceding fifty-two (52) weeks or shorter period
of time if trading for a shorter period of time.
(4) The commissioner does not issue a written objection to the
offering and sale of voting capital stock under this section without
compliance with sections 2 through 6 of this chapter within
twenty (20) days after the commissioner receives the notice filed
under subdivision (3).
(5) The offer and sale of stock is completed not more than one
hundred eighty (180) days after the commissioner receives the
notice filed under subdivision (3), except as otherwise provided
by order of the commissioner.