§ 27-8-3-15 — Transfer or reinsurance of risks; approval; notice of preference for transfer to different corporation

Indiana § 27-8-3-15

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 8: LIFE, ACCIDENT, AND HEALTH
• Ch. 3: Mutual Life and Accident─Formation

Text

No such corporation, association, or society,
organized under the laws of this state, shall transfer its risks to, or
reinsure them in any other corporation, association, or society unless
the contract of transfer or reinsurance is first submitted to and approved
by a two-thirds (2/3) vote of a meeting of the insured, called to consider
the same, of which meeting, a written or printed notice shall be mailed
to each member, certificate holder, or policyholder, at least thirty (30)
days before the day fixed for such meeting. If such transfer or
reinsurance shall be approved, every member, certificate holder or
policyholder of the corporation, association, or society, who shall file
with the secretary of the corporation, association, or society, within ten
(10) days after the meeting, a written notice of the member's, certificate
holder's, or policyholder's preference to be transferred to some other
corporation, association, or society, than that named in the contract,
shall be accorded all the rights and privileges, if any, in aid of such
transfer as would have been accorded under the terms of such contract
had the member, certificate holder, or policyholder been transferred to
the corporation, association, or society named. No such corporation,
association, or society, organized under the laws of this state, shall
transfer its risks or assets, or any part of its risks or assets, to, or
reinsure its risks, or any part of its risks or assets, in any insurance
corporation, association, or society of any other state or country, which
is not at the time of such transfer or reinsurance authorized to do
business in this state under the laws of this state.
Formerly: Acts 1897, c.195, s.15. As amended by P.L.136-2018,
SEC.191.