§ 27-14.5-5-4 — Permissible actions of mutual insurance holding company; disclosure required when acquiring majority of voting stock of insurance company

Indiana § 27-14.5-5-4

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 14.5: MUTUAL INSURANCE HOLDING COMPANY
• Ch. 5: Mutual Insurance Holding Companies

Text

(a) With the written approval of the
commissioner, and subject to any conditions that the commissioner
may impose, a mutual insurance holding company may do any of the
following:
(1) Merge or consolidate with, or acquire the assets of:
(A) a mutual insurance holding company licensed under this
article; or
(B) any similar entity organized under the laws of any other
state.
(2) Either alone or together with one (1) or more of an
intermediate stock holding company, a stock insurance company
subsidiaries or other subsidiaries, directly or indirectly, acquire
the stock or assets of:
(A) a stock insurance company;
(B) a mutual insurance company that is reorganized under this
article or the law of its state of organization; or
(C) a mutual insurance company.
(3) Acquire a stock insurance company through the merger of the
stock insurance company or its parent company, as applicable,
into:
(A) a stock insurance company subsidiary; or
(B) an intermediate stock holding company subsidiary or the
mutual insurance holding company.
(b) A mutual insurance holding company and its affiliates may:
(1) establish any other type of entity as otherwise permitted by
law; and
(2) acquire the stock or assets of any other entity or person as
otherwise permitted by law.
(c) Whenever a mutual insurance holding company:
(1) holds;
(2) acquires; or
(3) plans to acquire;
more than fifty percent (50%) of the voting capital stock of a stock
insurance company, the mutual insurance holding company must
submit to the commissioner a description of any membership interests
of policyholders of the stock insurance company in the mutual
insurance holding company.

Legislative History

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