Ind. Code ch. 27-14.5-1

in effect

Ind. Code § 27-14.5-1-1 Reference to article

Sec. 1. This article may be referred to as the Indiana mutual insurance holding company law. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-2 Repeal of former law

Sec. 2. (a) This article replaces IC 27-14, as repealed by HEA 1329-2023. (b) The repeal of IC 27-14 does not affect the validity of any mutual insurance company reorganization that was approved under IC 27-14. Any existing mutual insurance holding company and any related intermediate stock holding company or reorganized insurer created or reorganized under IC 27-14 (before its repeal) are: (1) governed by this article after April 30, 2023; and (2) considered created or reorganized as of the date the mutual insurance holding company, related intermediate stock holding company, or reorganized insurer was created or reorganized, as applicable, under IC 27-14. As added by P.L.226-2023, SEC.30. Amended by P.L.9-2024, SEC.489.

Ind. Code § 27-14.5-1-3 Intended effect of this article

Sec. 3. (a) This article is intended to enable mutual insurance companies to seek additional capital more effectively to: (1) enhance their financial strength and flexibility; (2) support long term growth internally and through mergers and acquisitions; and (3) expand and enhance the domestic insurance companies of this state. (b) This article provides an alternative organizational structure to help strengthen the Indiana mutual insurance industry by permitting mutual insurance companies to: (1) reorganize into a mutual insurance holding company structure; and (2) raise capital through the sale of capital stock. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-4 Definitions for article

Sec. 4. The definitions set forth in this chapter apply throughout this article. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-5 "Acting in concert"

Sec. 5. (a) Subject to subsection (b), "acting in concert" means: (1) a knowing participation in a joint activity whether or not under an express agreement; (2) interdependent conscious parallel action toward a common goal under an express agreement or otherwise; or (3) a combination or pooling of voting interests or other interests in the securities of any person for a common purpose under any contract, understanding, relationship, agreement, or other arrangement, written or otherwise. (b) An employee benefit plan is acting in concert with: (1) its trustee; or (2) a person who serves in a capacity similar to a trustee; solely for the purpose of determining whether capital stock held by the trustee or the person in a similar capacity and capital stock held by the plan will be aggregated. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-6 "Adoption date"

Sec. 6. "Adoption date" means, with respect to a plan, the date on which the board of directors approves a plan of reorganization or a plan to issue stock. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-7 "Affiliate"

Sec. 7. "Affiliate" means a person who, directly or indirectly: (1) controls; (2) is controlled by; or (3) is under common control with; another person. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-8 "Applicant"

Sec. 8. "Applicant" means, with respect to a plan, a person that has submitted a plan to the commissioner under this article. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-9 "Associate"

Sec. 9. (a) Subject to subsection (b), "associate" means any of the following: (1) With respect to a particular person, corporation, business entity, or other organization (other than the applicant or an affiliate of the applicant) for which the person is: (A) an officer; (B) a partner; or (C) directly or indirectly the beneficial owner of at least ten percent (10%) of any class of equity securities. (2) With respect to an individual who is a director or an officer of the applicant or of any of the applicant's affiliates, a: (A) spouse; or (B) member of the immediate family sharing the same household. (3) With respect to a particular person, a trust or other estate in which the person has a substantial beneficial interest or for which the person serves as trustee or in a similar fiduciary capacity. (b) The term does not apply to a person that: (1) has a beneficial interest in; or (2) serves as a trustee or in a similar fiduciary capacity for; an employee benefit plan. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-10 "Commissioner"

Sec. 10. "Commissioner" refers to the insurance commissioner appointed under IC 27-1-1-2. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-11 "Company"

Sec. 11. "Company" means any of the following: (1) A mutual insurance company. (2) A mutual insurance holding company. (3) An intermediate stock holding company. (4) A reorganized insurer. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-12 "Effective date"

Sec. 12. "Effective date" means, with respect to a plan, the date on which the plan becomes effective under this article. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-13 "Eligible member"

Sec. 13. "Eligible member" means, with respect to a plan, a person who is a member of a mutual insurance company or mutual insurance holding company, as applicable, on the adoption date of a plan and: (1) solely for purposes of receipt of notice of and voting at a meeting of members on a plan of reorganization, continues to be a member of the mutual insurance company on the record date for the meeting of members; or (2) solely for purposes of eligibility to receive stock subscription rights, if any, under a plan to issue stock, continues to be a member of the mutual insurance company or mutual insurance holding company, as applicable, on the date the commissioner approves the plan to issue stock. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-14 "Employee benefit plan"

Sec. 14. "Employee benefit plan" means an employee benefit plan established by a mutual insurance holding company or by one (1) or more of the subsidiaries of a mutual insurance holding company for the sole benefit of its: (1) employees; or (2) sales agents. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-15 "Entity"

Sec. 15. "Entity" has the meaning set forth in IC 23-0.5-1.5-8. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-16 "Immediate family"

Sec. 16. "Immediate family" means any child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, daughter-in-law, son-in-law, brother-in-law, or sister-in-law. The term includes adoptive relationships. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-17 "Intermediate stock holding company"

Sec. 17. "Intermediate stock holding company" means an entity, other than a reorganized insurer and its subsidiaries, that: (1) is owned entirely or in part, directly or indirectly, by a mutual insurance holding company; and (2) directly or indirectly owns all or part of the capital stock of a reorganized insurer. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-18 "Member"

Sec. 18. "Member" means a person that, according to the: (1) records; and (2) articles of incorporation and bylaws; of a mutual insurance company or mutual insurance holding company, as applicable, is a member or policyholder of the mutual insurance company or mutual insurance holding company, as applicable, with voting rights. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-19 "Member's interest"

Sec. 19. "Member's interest" means: (1) the voting rights of a member provided by the mutual insurance company's or the mutual insurance holding company's articles of incorporation or bylaws; and (2) the right to receive cash, stock, or other consideration in the event of a liquidation or dissolution under IC 27-1-10, conversion to a stock company under IC 27-15, or as provided by the mutual insurance company's or mutual insurance holding company's articles of incorporation or bylaws. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-20 "Mutual insurance company"

Sec. 20. "Mutual insurance company" means a mutual insurer that is: (1) submitting; or (2) subject to; a plan of reorganization or plan to issue stock under this article. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-21 "Mutual insurance holding company"

Sec. 21. "Mutual insurance holding company" means a mutual insurance holding company established under IC 27-14.5-2. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-22 "Participating policy"

Sec. 22. "Participating policy" means a policy providing for the distribution of policy dividends. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-23 "Person"

Sec. 23. "Person" means any of the following: (1) An individual. (2) A group of individuals acting in concert. (3) A trust. (4) An association. (5) A partnership. (6) A limited liability company. (7) A corporation. (8) A joint venture. (9) A government or governmental subdivision, agency, or instrumentality. (10) Any entity. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-24 "Plan"

Sec. 24. "Plan" means a plan: (1) of reorganization; or (2) to issue stock. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-25 "Plan of reorganization"

Sec. 25. "Plan of reorganization" means a plan adopted under IC 27-14.5-2. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-26 "Plan to issue stock"

Sec. 26. "Plan to issue stock" means a plan to issue shares of stock of an intermediate stock holding company or a reorganized insurer adopted under IC 27-14.5-3. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-27 "Policy"

Sec. 27. "Policy" means a contract providing one (1) or more of the kinds of insurance described in IC 27-1-5-1. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-28 "Reorganized insurer"

Sec. 28. "Reorganized insurer" means an entity: (1) that is a domestic stock insurance company that is owned entirely or in part by a mutual insurance holding company or an intermediate stock holding company; and (2) the members of which: (A) may be; or (B) are entitled to become; members of the mutual insurance holding company. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-29 "Subsidiary"

Sec. 29. "Subsidiary" means, with respect to a particular person, an affiliate of the person that is controlled by the person, either: (1) directly; or (2) indirectly through one (1) or more intermediaries. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-1-30 "Voting capital stock"

Sec. 30. "Voting capital stock" means capital stock whose holder has the right to vote in the election of directors of the entity issuing the stock. 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