Conditions for reorganization of a mutual insurance company; resulting subsidiaries

Sec. 1. (a) A mutual insurance company may reorganize under this chapter as a mutual insurance holding company with one (1) or more subsidiaries if the following occur: (1) The adoption of a plan of reorganization by the mutual insurance company's board of directors in accordance with section 4 of this chapter. (2) The approval by the commissioner of the mutual insurance company's application for reorganization. (3) The favorable vote of the mutual insurance company's members under sections 8 through 12 of this chapter. (b) The subsidiaries of a mutual insurance holding company that result from a reorganization of a mutual insurance company under this chapter: (1) must include at least one (1) stock insurance company subsidiary; and (2) may include one (1) or more intermediate stock holding companies. As added by P.L.226-2023, SEC.30.