IC 27-14.5-2-3: Mutual insurance holding company must have voting power

Sec. 3. After the effective date of the reorganization of a mutual insurance company as a mutual insurance holding company under this chapter, the mutual insurance holding company must at all times have the direct or indirect power to cast at least a majority of the votes for the election of the members of the board of directors of:

(1) each stock insurance company subsidiary; and

(2) any intermediate stock holding company.