Section 27-15-1-2 - Conversion generally(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.