{"data":{"id":"us-in/ic-27-14.5-5-2","jurisdiction":"us-in","citation":"IC 27-14.5-5-2","heading":"Contents of mutual insurance holding company's articles of incorporation","body":"Sec. 2. The articles of incorporation of a mutual insurance holding company must contain the following or provisions at least substantially equivalent to the following:\n(1) The name of the mutual insurance holding company, which must include the term \"mutual\" or the abbreviation \"MHC\".\n(2) A provision specifying that one (1) purpose of the mutual insurance holding company is, at all times, to have the direct or indirect power to cast at least a majority of the votes for the election of directors of each stock insurance company subsidiary and any intermediate stock holding company.\n(3) A provision specifying that the mutual insurance holding company does not have the power to engage in the business of issuing insurance policies or contracts, except through a stock insurance company subsidiary.\n(4) A provision specifying that the mutual insurance holding company is not authorized to issue voting stock.\n(5) A provision setting forth any rights of members of the mutual insurance holding company in the equity of the mutual insurance holding company upon dissolution or liquidation.\n(6) A provision specifying that:\n(A) a member of the mutual insurance holding company is not, as a member, personally liable for the acts, debts, liabilities, or obligations of the mutual insurance holding company; and\n(B) no assessment of any kind may be imposed upon the members of the mutual insurance holding company by any person, including:\n(i) the board of directors, members, or creditors of the mutual insurance holding company; and\n(ii) any governmental office or official, including the commissioner;\nbecause of any liability of any company or because of any act, debt, or liability of the mutual insurance holding company.","path":["TITLE 27. INSURANCE","ARTICLE 14.5. MUTUAL INSURANCE HOLDING COMPANY LAW","Chapter 5. Mutual Insurance Holding Companies"],"source_url":"https://iga.in.gov/ic/2026/Title_27.html#27-14.5-5-2","current_through":"2026","vintage":"2026","retrieved_at":"2026-09-25T05:39:04Z","sha256":"4f87104bf3177a426efb5b45109ddfd96d4fcda8a1d58153709e06d1b15203fb","source_id":"us-in","stale":false,"prev":"us-in/ic-27-14.5-5-1","next":"us-in/ic-27-14.5-5-3"},"notice":"GroundRules: Original legal text. Not legal advice."}