Indiana § 27-15-6-3 Effect of plan and amendment

Indiana Statutes

§ 27-15-6-3 — Effect of plan and amendment

Indiana·Title 27 INSURANCE·Art. 15 DEMUTUALIZATION OF MUTUAL INSURANCE·Ch. 6 Implementation of Approved Plan of Conversion

When the plan of conversion and the amendment to the articles of incorporation of the converting mutual become effective:

(1)the converting mutual shall:

(A)be converted from a domestic mutual insurance company to a domestic stock insurance company; and

(B)have all the rights, privileges, immunities, and powers and be subject to all the duties and liabilities of a stock insurance company existing under this title;

(2)the membership interests of every member and policyholder of the converting mutual are extinguished and cease; and

(3)the rights of every member and policyholder of the converting mutual under any contract of insurance continue in force under the terms of the contract, including rights, if any, to policyholder dividends.

Free access — add to your briefcase to read the full text and ask questions with AI

When the plan of conversion and the
amendment to the articles of incorporation of the converting mutual
become effective:
(1) the converting mutual shall:
(A) be converted from a domestic mutual insurance company
to a domestic stock insurance company; and
(B) have all the rights, privileges, immunities, and powers and
be subject to all the duties and liabilities of a stock insurance
company existing under this title;
(2) the membership interests of every member and policyholder
of the converting mutual are extinguished and cease; and
(3) the rights of every member and policyholder of the converting
mutual under any contract of insurance continue in force under
the terms of the contract, including rights, if any, to policyholder
dividends.

Indiana § 27-15-6-3 (Effect of plan and amendment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.