§ 27-15-10-2 — Limitations on provisions

Any dividend preservation provision may be
limited to participating individual life insurance policies and
participating individual annuity contracts in force or considered to be
in force by the plan of conversion on the effective date of the plan of
conversion for which the mutual insurer has an experience based
dividend scale due, paid, or accrued by action of the board of directors
of the converting mutual in the year in which the plan of reorganization
is adopted. However:
(1) policies that would be included but for the fact that their
recent issuance results in no dividends for an initial period may
be included;
(2) policies that are in force as extended term insurance may be
included; and
(3) other categories of policies and benefits not described in this
subsection may be included or excluded, subject to the approval
of the commissioner.

Legislative History

As added by P.L.94-1999, SEC.3.