Indiana § 27-15-11-3 Operation of closed block; nonreversion of assets

Indiana Statutes

§ 27-15-11-3 — Operation of closed block; nonreversion of assets

Indiana·Title 27 INSURANCE·Art. 15 DEMUTUALIZATION OF MUTUAL INSURANCE·Ch. 11 Use of a Closed Block

The closed block shall be operated for the
exclusive benefit of policies and contracts included in it. No costs or
expenses incurred in connection with the conversion shall be charged
to the closed block. Subject to termination of the closed block under
section 7 of this chapter, none of the assets allocated to the closed
block or the revenue derived from those assets may revert to the benefit
of the stockholders of the former mutual or any parent company.

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The closed block shall be operated for the
exclusive benefit of policies and contracts included in it. No costs or
expenses incurred in connection with the conversion shall be charged
to the closed block. Subject to termination of the closed block under
section 7 of this chapter, none of the assets allocated to the closed
block or the revenue derived from those assets may revert to the benefit
of the stockholders of the former mutual or any parent company.

Indiana § 27-15-11-3 (Operation of closed block; nonreversion of assets) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.