§ 27-15-5-3 — Notice of opportunity to vote; form and content

Indiana § 27-15-5-3

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 15: DEMUTUALIZATION OF MUTUAL INSURANCE
• Ch. 5: Voting on the Plan by Members

Text

(a) The members of the converting mutual
entitled to vote on the plan of conversion and the amendment to the
articles of incorporation shall be given written notice of their
opportunity to vote. The notice shall be accompanied by explanatory
information concerning the conversion and may be accompanied by
proxy solicitation materials.
(b) The form and content of the notice, explanatory information, and
any proxy solicitation materials must be provided to the commissioner
not less than twenty (20) business days before they are mailed to the
members, and the commissioner shall approve or disapprove the form
and content of the notice, explanatory materials, and any proxy
solicitation materials within fifteen (15) business days after their
submission to the commissioner.
(c) The notice and explanatory materials must include the following:
(1) Reference to the applicable statutory provisions.
(2) The date, time, and location of the meeting.
(3) A brief statement of the subject of the meeting.
(4) A copy of the plan of conversion and a summary of the plan.
(5) A copy of the amendment to the articles of incorporation and
a summary of the amendment.
(6) A description of the member's right to attend and participate
in the meeting.
(7) The definition of the term "eligible member".
(8) A statement that no member will receive consideration as a
result of the conversion unless the member continues to be a
member of the converting mutual on the effective date of the
conversion.
(9) For each form of consideration, a description of the nature and
amount of consideration that will be provided to the eligible
members upon completion of the conversion and, if reasonably
ascertainable by the converting mutual, a description of the nature
and amount or approximate amount of consideration to be
provided to the particular member to whom the notice is
addressed.

Legislative History

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