§ 27-15-11-4 — Sufficiency of assets

Indiana § 27-15-11-4

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

Text

The assets allocated to the closed block,
together with the revenue from the closed block, must be reasonably
sufficient to:
(1) support the business in the closed block until the time the last
policy in the closed block has terminated, including payment of
claims and those expenses and taxes as are specified in the plan
of conversion; and
(2) provide for:
(A) continuation of dividend scales in effect on the date the
board of directors adopted the resolution proposing the plan of
conversion, if the experience underlying those scales continues;
and
(B) appropriate adjustments in the scales if the experience
changes.

Legislative History

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