Ind. Code ch. 27-14.5-5

Ind. Code ch. 27-14.5-5
in effect

Ind. Code § 27-14.5-5-1 Mutual insurance holding company is subject to rules

Sec. 1. A mutual insurance holding company organized under this article is subject to any rules adopted by the commissioner under IC 4-22-2. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-5-2 Contents of mutual insurance holding company's articles of incorporation

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: (1) The name of the mutual insurance holding company, which must include the term "mutual" or the abbreviation "MHC". (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. (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. (4) A provision specifying that the mutual insurance holding company is not authorized to issue voting stock. (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. (6) A provision specifying that: (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 (B) no assessment of any kind may be imposed upon the members of the mutual insurance holding company by any person, including: (i) the board of directors, members, or creditors of the mutual insurance holding company; and (ii) any governmental office or official, including the commissioner; because of any liability of any company or because of any act, debt, or liability of the mutual insurance holding company. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-5-3 Rights and obligations of mutual insurance holding company members

Sec. 3. The members of a mutual insurance holding company have the rights and obligations specified in: (1) this article; and (2) the articles of incorporation and bylaws of the mutual insurance holding company. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-5-4 Permissible actions of mutual insurance holding company; disclosure required when acquiring majority of voting stock of insurance company

Sec. 4. (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: (1) holds; (2) acquires; or (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. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-5-5 Rights and privileges of mutual insurance holding company

Sec. 5. (a) Except as provided in subsection (b), a mutual insurance holding company: (1) has and may exercise all the rights and privileges of insurance companies formed under this title; and (2) is subject to all of the requirements and regulations imposed upon insurance companies formed under this title. (b) The exceptions referred to in subsection (a) are as follows: (1) A mutual insurance holding company has no right or privilege to write insurance (except through a stock insurance company subsidiary) and is not subject to any requirement or rule adopted under IC 4-22-2 relating to the writing of insurance. (2) A mutual insurance holding company is not subject to the surplus requirements in IC 27-1-6-15. (3) A mutual insurance holding company is not subject to the deposit requirement in IC 27-1-6-15(d). (4) A mutual insurance holding company is not subject to the investment requirements under IC 27-1-12, IC 27-1-13, or IC 27-1-23-2.6 that limit or restrict investments in subsidiaries. (5) A mutual insurance holding company is not subject to risk-based capital requirements under IC 27-1-36. (6) A mutual insurance holding company is not subject to a requirement under this title if the commissioner determines by order or rule adopted by the commissioner under IC 4-22-2 that the requirement does not apply to the mutual insurance holding company. (7) A mutual insurance holding company is not subject to any requirement or rule adopted under IC 4-22-2 that is imposed upon insurance companies formed under this title to the extent that the requirement or rule is in conflict with this article. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-5-6 Annual statement of mutual insurance holding company

Sec. 6. (a) Not later than June 1 of each year, each mutual insurance holding company must file with the commissioner an annual statement consisting of the following information: (1) Audited financial statements, including: (A) an income statement; (B) a balance sheet; and (C) a statement of cash flows. (2) Complete information on the status of any condition imposed in connection with the approval of a plan of reorganization. (3) An investment plan covering all assets of the mutual insurance holding company. (4) A statement disclosing any intention to pledge, borrow against, alienate, hypothecate, or in any way encumber the assets of the mutual insurance holding company. (b) The commissioner, through an order or by a rule adopted under IC 4-22-2, may waive or suspend all or any part of the requirements of subsection (a) for a particular mutual insurance holding company or class of mutual insurance holding companies. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-5-7 Insurance holding company system; when separate filing or approval is not required

Sec. 7. (a) A mutual insurance holding company, an intermediate stock holding company, and stock insurance company subsidiaries that are owned entirely or in part, directly or indirectly, by the mutual insurance holding company constitute an insurance holding company system (as defined in IC 27-1-23-1). (b) Notwithstanding subsection (a), a separate filing or approval is not required under IC 27-1-23 for a reorganization that: (1) is included in a plan approved under this article; and (2) does not involve the acquisition of control of an insurance company that is not affiliated with the applicant before the reorganization. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-5-8 Membership interest in mutual insurance holding company is not a security

Sec. 8. A membership interest in a mutual insurance holding company does not constitute a security under Indiana law. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-5-9 Conversion into stock insurance company

Sec. 9. A mutual insurance holding company may convert to a stock company under IC 27-15 as though the mutual insurance holding company were a mutual insurance company. As added by P.L.226-2023, SEC.30.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/27Fetched: 10/17/2026