§ 27-15-6-4 — Continuation of former mutual

Indiana § 27-15-6-4

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

Text

The former mutual shall be a continuation of
the original converting mutual in all of the following respects:
(1) The former mutual shall be recognized as an insurance
company formed under the laws of this state as of the date of the
company's original organization.
(2) The conversion does not in any way annul, modify, or change
any of the original converting mutual's existing suits, claims,
demands, rights, contracts, or other assets, or absolute or
contingent liabilities.
(3) The former mutual shall be vested in all of the rights,
franchises, and interests of the converting mutual in and to every
species of property without any deed or transfer.
(4) The former mutual shall succeed to all the obligations and
liabilities of the converting mutual and retain all rights and
contracts existing before the effectiveness of the conversion.

Legislative History

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