§ 27-15-14-1 — Qualifications for modified conversion; waivers or modifications of notice requirements

(a) If a domestic mutual insurance company:
(1) is insolvent, as defined in IC 27-9-1-2(o);
(2) does not meet the minimum surplus requirements of IC 27-1-6-15; or
(3) in the judgment of the commissioner, is in a hazardous
financial condition;
its board of directors may adopt, and the commissioner may approve,
any plan of conversion and amendment to the articles of incorporation
that, on the effective date of the conversion, would provide for the
former mutual to have paid-in capital stock and surplus in an amount
not less than the minimum requirements of IC 27-1-6-14(c) and IC 27-1-6-14(e) and an RBC level greater than its company action RBC
level.
(b) The commissioner may allow waivers or material modifications
of the requirement to give any notices to members and policyholders,
to obtain member approval of the proposed plan of conversion or
amendment to the articles of incorporation of the converting mutual, or
to distribute consideration to members if the value of a converting
mutual described in subsection (a) does not in the judgment of the
commissioner warrant any such notices, approvals, or distribution
under the circumstances, including the expenses involved in a
distribution of consideration.

Legislative History

As added by P.L.94-1999, SEC.3. Amended by P.L.72-2016, SEC.27.