Indiana § 27-15-10-1 Purpose of provisions; prohibitions

Indiana Statutes

§ 27-15-10-1 — Purpose of provisions; prohibitions

Indiana·Title 27 INSURANCE·Art. 15 DEMUTUALIZATION OF MUTUAL INSURANCE·Ch. 10 Dividend Preservation

(a)The sole purpose of any dividend preservation provision shall be to provide for reasonable policyholder dividend expectations on policies that provide for the distribution of policy dividends.

(b)No dividend preservation provision in a plan under this article shall be permitted:

(1)to be a substitute for the distribution of consideration to eligible members upon extinguishing their membership interests as required by this article; or

(2)to diminish any contractual rights to a dividend that a member or policyholder may have.

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(a) The sole purpose of any dividend
preservation provision shall be to provide for reasonable policyholder
dividend expectations on policies that provide for the distribution of
policy dividends.
(b) No dividend preservation provision in a plan under this article
shall be permitted:
(1) to be a substitute for the distribution of consideration to
eligible members upon extinguishing their membership interests
as required by this article; or
(2) to diminish any contractual rights to a dividend that a member
or policyholder may have.

Indiana § 27-15-10-1 (Purpose of provisions; prohibitions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.