IC 27-14.5-5-4: Permissible actions of mutual insurance holding company; disclosure required when acquiring majority of voting stock of insurance company

Sec. 4. (a) With the written approval of the commissioner, and subject to any conditions that the commissioner may impose, a mutual insurance holding company may do any of the following:

(1) Merge or consolidate with, or acquire the assets of:

(A) a mutual insurance holding company licensed under this article; or

(B) any similar entity organized under the laws of any other state.

(2) Either alone or together with one (1) or more of an intermediate stock holding company, a stock insurance company subsidiaries or other subsidiaries, directly or indirectly, acquire the stock or assets of:

(A) a stock insurance company;

(B) a mutual insurance company that is reorganized under this article or the law of its state of organization; or

(C) a mutual insurance company.

(3) Acquire a stock insurance company through the merger of the stock insurance company or its parent company, as applicable, into:

(A) a stock insurance company subsidiary; or

(B) an intermediate stock holding company subsidiary or the mutual insurance holding company.

(b) A mutual insurance holding company and its affiliates may:

(1) establish any other type of entity as otherwise permitted by law; and

(2) acquire the stock or assets of any other entity or person as otherwise permitted by law.

(c) Whenever a mutual insurance holding company:

(1) holds;

(2) acquires; or

(3) plans to acquire;

more than fifty percent (50%) of the voting capital stock of a stock insurance company, the mutual insurance holding company must submit to the commissioner a description of any membership interests of policyholders of the stock insurance company in the mutual insurance holding company.