Indiana § 27-14.5-5-2 Contents of mutual insurance holding company's articles of
incorporation

Indiana Statutes

§ 27-14.5-5-2 — Contents of mutual insurance holding company's articles of incorporation

Indiana § 27-14.5-5-2

Title 27INSURANCE

Art. 14.5MUTUAL INSURANCE HOLDING COMPANY

Ch. 5Mutual Insurance Holding Companies

This text of Indiana § 27-14.5-5-2 (Contents of mutual insurance holding company's articles of incorporation) 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 § 27-14.5-5-2 (2026).

Text

The articles of incorporation of a mutual insurance holding company must contain the following or provisions at least substantially equivalent to the following:

(1)The name of the mutual insurance holding company, which must include the term "mutual" or the abbreviation "MHC".

(2)A provision specifying that one (1) purpose of the mutual insurance holding company is, at all times, to have the direct or indirect power to cast at least a majority of the votes for the election of directors of each stock insurance company subsidiary and any intermediate stock holding company.

(3)A provision specifying that the mutual insurance holding company does not have the power to engage in the business of issuing insurance policies or contracts, except through a stock insurance company subsidiary.

(4)

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The articles of incorporation of a mutual
insurance holding company must contain the following or provisions
at least substantially equivalent to the following:
(1) The name of the mutual insurance holding company, which
must include the term "mutual" or the abbreviation "MHC".
(2) A provision specifying that one (1) purpose of the mutual
insurance holding company is, at all times, to have the direct or
indirect power to cast at least a majority of the votes for the
election of directors of each stock insurance company subsidiary
and any intermediate stock holding company.
(3) A provision specifying that the mutual insurance holding
company does not have the power to engage in the business of
issuing insurance policies or contracts, except through a stock
insurance company subsidiary.
(4) A provision specifying that the mutual insurance holding
company is not authorized to issue voting stock.
(5) A provision setting forth any rights of members of the mutual
insurance holding company in the equity of the mutual insurance
holding company upon dissolution or liquidation.
(6) A provision specifying that:
(A) a member of the mutual insurance holding company is not,
as a member, personally liable for the acts, debts, liabilities, or
obligations of the mutual insurance holding company; and
(B) no assessment of any kind may be imposed upon the
members of the mutual insurance holding company by any
person, including:
(i) the board of directors, members, or creditors of the mutual
insurance holding company; and
(ii) any governmental office or official, including the
commissioner;
because of any liability of any company or because of any act,
debt, or liability of the mutual insurance holding company.