§ 27-15-4-8 — Findings required for application approval

Indiana § 27-15-4-8

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 15: DEMUTUALIZATION OF MUTUAL INSURANCE
• Ch. 4: Public Hearing and Commissioner's Determination

Text

The commissioner shall approve the
application and permit the conversion under the plan of conversion and
the amendment to the articles of incorporation if the commissioner
finds, following the public hearing, if required:
(1) that the amount and form of consideration is fair in the
aggregate and to each member class;
(2) that the plan of conversion and the amendment to the articles
of incorporation:
(A) comply with this article and other applicable laws;
(B) are fair, reasonable, and equitable to the eligible members;
and
(C) will not prejudice the interests of the other policyholders of
the converting mutual; and
(3) except for a simple plan of conversion, that the total
consideration provided to eligible members upon the
extinguishing of the converting mutual's membership interests is
equal to or greater than the surplus of the converting mutual.

Legislative History

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