27-15-1-2. Conversion generally

IN Code § 27-15-1-2 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 2. (a) Any domestic mutual insurance company that:

(1) maintains its executive offices in Indiana; and

(2) employs at least five hundred (500) persons or a substantial percentage of its workforce in Indiana;

may, by amendment to its articles of incorporation, convert to a stock insurance company by means of a plan of conversion described in IC 27-15-2-2 or a simple plan of conversion described in IC 27-15-2-3 and IC 27-1-8.

(b) The commissioner shall determine whether a mutual insurance company meets the requirements of subsection (a)(2).

As added by P.L.94-1999, SEC.3. Amended by P.L.14-2000, SEC.61.