§ 27-5.1-2-21 — Merger; plan; policyholder notice

Indiana § 27-5.1-2-21

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 5.1: FARM MUTUAL INSURANCE COMPANIES

Text

(a) Two (2) or more farm mutual insurance
companies may merge into one (1) farm mutual insurance company
upon approval of a merger plan by the policyholders of each farm
mutual insurance company as provided in subsection (b).
(b) Before a merger described in subsection (a) may take place:
(1) the board of directors of each farm mutual insurance company
must approve a merger plan; and
(2) the merger plan must be approved by the affirmative vote of
two-thirds (2/3) of the policyholders of each farm mutual
insurance company who vote in person or by proxy.
(c) Before a meeting at which a proposed merger under this section
may be considered:
(1) the policyholders of a farm mutual insurance company for
which the merger is proposed must be provided, by first class
mail:
(A) written notice of the date, time, and location of the meeting;
(B) written notice that a proposed merger will be discussed and
voted on at the meeting; and
(C) a copy or summary of the merger plan; and
(2) a general notice stating:
(A) the date, time, and location of the meeting; and
(B) that a proposed merger or transfer will be discussed and
voted on at the meeting;
must be published in a newspaper of general circulation in the
county in which the principal office of the farm mutual insurance
company is located.

Legislative History

As added by P.L.129-2003, SEC.8.