Indiana § 27-14.5-3-9 Dividend practices of reorganized insurer

Indiana Statutes

§ 27-14.5-3-9 — Dividend practices of reorganized insurer

Indiana § 27-14.5-3-9

Title 27INSURANCE

Art. 14.5MUTUAL INSURANCE HOLDING COMPANY

Ch. 3Issuance of Capital Stock

This text of Indiana § 27-14.5-3-9 (Dividend practices of reorganized insurer) 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 § 27-14.5-3-9 (2026).

Text

(a)This section does not apply to the payment of dividends, savings, or unabsorbed premium deposits allowed or returned as set forth in IC 27-7-2-37.5 or other similar programs permitted or filed in other states.

(b)The reorganized insurer must obtain approval by the commissioner of the dividend practices with respect to participating policies and contracts in force as of the effective date of the reorganization to be followed by the reorganized insurer as set forth in IC 27-14.5-2-6(4) if the dividend practices of the reorganized insurer will be different from the dividend practices of the mutual insurance company.

(c)The commissioner may require the establishment of a closed block or other mechanism that the commissioner finds to be fair for the protection of mutual insurance company

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(a) This section does not apply to the
payment of dividends, savings, or unabsorbed premium deposits
allowed or returned as set forth in IC 27-7-2-37.5 or other similar
programs permitted or filed in other states.
(b) The reorganized insurer must obtain approval by the
commissioner of the dividend practices with respect to participating
policies and contracts in force as of the effective date of the
reorganization to be followed by the reorganized insurer as set forth in
IC 27-14.5-2-6(4) if the dividend practices of the reorganized insurer
will be different from the dividend practices of the mutual insurance
company.
(c) The commissioner may require the establishment of a closed
block or other mechanism that the commissioner finds to be fair for the
protection of mutual insurance company policyholder dividends.
(d) The dividend practices of the reorganized insurer, the
requirement to establish a closed block or other mechanism, if any, or
the terms of the closed block, may be modified after approval under
subsection (b) or subsequent to a reorganization under IC 27-14.5-2
only with the prior approval of the commissioner on application of the
reorganized insurer.
(e) Neither an intermediate stock holding company nor a
reorganized insurer may pay dividends or make other distributions with
respect to its stock or its shareholders if the reorganized insurer has
failed to pay policyholder dividends in compliance with the dividend
practices approved by the commissioner in accordance with this
section.