Section 27-14.5-5-4 - Permissible actions of mutual insurance holding company; disclosure required when acquiring majority of voting stock of insurance company(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:(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.
Added by P.L. 226-2023,SEC. 30, eff. 5/1/2023.