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

Indiana § 27-15-6-3

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

Text

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.

Legislative History

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