CHAPTER 6. IMPLEMENTATION OF APPROVED PLAN OF CONVERSION
IC 27-15-6
Chapter 6. Implementation of Approved Plan of Conversion
IC 27-15-6-1
Consummation of plan
Sec. 1. After the proposed plan of conversion and amendment to
the converting mutual's articles of incorporation are approved by the
commissioner and approved by the members under this article, the
converting mutual may proceed to consummate the plan and comply
with IC 27-1-8.
As added by P.L.94-1999, SEC.3.
IC 27-15-6-2
Effective date
Sec. 2. The plan of conversion and the amendment to the articles
of incorporation of the converting mutual become effective upon the
date and time of approval of the articles of amendment by the
secretary of state as provided in IC 27-1-8-8, unless a later date and
time are specified in the articles of amendment, in which event the
plan of conversion and amendment become effective and take place
at the later date and time.
As added by P.L.94-1999, SEC.3.
IC 27-15-6-3
Effect of plan and amendment
Sec. 3. When the plan of conversion and the amendment to the
articles of incorporation of the converting mutual become effective:
(1) the converting mutual shall:
(A) be converted from a domestic mutual insurance company
to a domestic stock insurance company; and
(B) have all the rights, privileges, immunities, and powers
and be subject to all the duties and liabilities of a stock
insurance company existing under this title;
(2) the membership interests of every member and policyholder
of the converting mutual are extinguished and cease; and
(3) the rights of every member and policyholder of the
converting mutual under any contract of insurance continue in
force under the terms of the contract, including rights, if any, to
policyholder dividends.
As added by P.L.94-1999, SEC.3.
IC 27-15-6-4
Continuation of former mutual
Sec. 4. The former mutual shall be a continuation of the original
converting mutual in all of the following respects:
(1) The former mutual shall be recognized as an insurance
company formed under the laws of this state as of the date of
the company's original organization.
(2) The conversion does not in any way annul, modify, or
change any of the original converting mutual's existing suits,
claims, demands, rights, contracts, or other assets, or absolute
or contingent liabilities.
(3) The former mutual shall be vested in all of the rights,
franchises, and interests of the converting mutual in and to
every species of property without any deed or transfer.
(4) The former mutual shall succeed to all the obligations and
liabilities of the converting mutual and retain all rights and
contracts existing before the effectiveness of the conversion.
As added by P.L.94-1999, SEC.3.
IC 27-15-6-5
Compliance with capital and surplus requirements
Sec. 5. The former mutual shall comply with the minimum capital
and surplus requirements applicable to domestic stock insurance
companies as though the former mutual was organized as a stock
insurance company on its original date of organization.
As added by P.L.94-1999, SEC.3.