§ 27-15-13-1 — Acquisition of beneficial ownership; limitations

Indiana § 27-15-13-1

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 15: DEMUTUALIZATION OF MUTUAL INSURANCE
• Ch. 13: Initial Limits on Ownership of Shares

Text

(a) Except as specifically provided in a plan
of conversion, for five (5) years following the effective date of the
conversion no person or persons acting in concert (other than the
former mutual, any parent company, or any employee benefit plans or
trusts sponsored by the former mutual or a parent company) shall
directly or indirectly acquire, or agree or offer to acquire, in any
manner the beneficial ownership of five percent (5%) or more of the
outstanding shares of any class of a voting security of the former
mutual or any parent company without the prior approval by the
commissioner of a statement filed by that person with the
commissioner.
(b) The statement described in subsection (a) must contain the
information required by IC 27-1-23-2(b) and any other information
required by the commissioner.

Legislative History

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