Ind. Code ch. 27-14.5-4

in effect

Ind. Code § 27-14.5-4-1 Insurance commissioner approval of plan of reorganization

Sec. 1. Not more than sixty (60) days after the filing of a plan of reorganization that: (1) is complete; and (2) does not include a plan to issue stock; the commissioner shall approve the plan without holding a hearing unless the commissioner concludes that one (1) or more of the findings listed in section 6 of this chapter is likely to be made. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-4-2 Public hearing or opportunity for public comment on plan of reorganization

Sec. 2. Not more than sixty (60) days after: (1) the filing of a plan of reorganization that: (A) is complete; and (B) includes a plan to issue stock; or (2) the filing of an application with respect to a plan to issue stock that is: (A) complete; and (B) filed sometime after the consummation of an approved plan of reorganization; the commissioner may, if deemed necessary because the commissioner believes that one (1) or more of the findings listed in section 6 of this chapter may be made, conduct a public hearing or allow public comment for a period of not more than sixty (60) days to afford interested persons an opportunity to present information, views, arguments, or comments in regard to the proposed plan. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-4-3 Written notice of public hearing or public comment period

Sec. 3. (a) If the commissioner deems that a public hearing or public comment period is necessary, the commissioner shall provide written notice of a hearing or comment period held under this chapter at least thirty (30) days before the hearing or sixty (60) days before the end of the comment period by publication in: (1) a newspaper of general circulation in the city of Indianapolis; (2) a newspaper of general circulation in the city in which the principal office of the applicant is located; and (3) a newspaper of general circulation in any other city or cities that the commissioner deems appropriate. The commissioner may provide written notice of the hearing or comment period by other means and to persons that the commissioner deems appropriate. (b) The notice provided under this section must: (1) refer to the applicable statutory provisions; (2) state the: (A) date, time, and location of the hearing; or (B) means by which comments may be submitted; and (3) include a brief statement of the subject of the hearing or comment period. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-4-4 Public hearing

Sec. 4. At a hearing held under this chapter: (1) any interested person may appear; (2) any interested person may: (A) file a written statement; or (B) make an oral presentation; and (3) at the discretion of the commissioner or the commissioner's appointee, testimony may be taken under oath or by affirmation. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-4-5 Deadline for insurance commissioner decision on plan of reorganization

Sec. 5. The commissioner shall approve or disapprove any plan submitted under this article on or before the later of: (1) thirty (30) days after a hearing or comment period held under this chapter; or (2) thirty (30) days after the commissioner accepts the application relating to the plan. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-4-6 Insurance commissioner findings upon which plan of reorganization may be disapproved

Sec. 6. The commissioner shall approve a plan submitted under this article unless the commissioner makes at least one (1) of the following findings with respect to the plan: (1) Disapproval of the plan is necessary to prevent practices that will cause material financial impairment to the applicant or its subsidiaries. (2) The financial position or management resources and capabilities of the applicant or its subsidiaries or affiliates warrant disapproval. (3) The plan does not comply with this article. (4) The proposed plan would not be fair and equitable to the members. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-4-7 Insurance commissioner to inform applicant of decision on plan of reorganization

Sec. 7. (a) The commissioner shall transmit to the applicant any order approving or disapproving a plan submitted under this article. (b) If the commissioner disapproves a plan, the commissioner shall provide the applicant with a written statement detailing: (1) the reasons for; and (2) all findings in connection with; the disapproval. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-4-8 Expiration of approval

Sec. 8. The approval by the commissioner of a plan to issue stock expires one hundred eighty (180) days after the date of approval, except as otherwise provided by an order of the commissioner. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-4-9 Compliance with law on formation of domestic insurance companies

Sec. 9. Except as otherwise provided in this article, the organization of a mutual insurance holding company under a plan under this article must be conducted in compliance with the provisions of IC 27-1-6 concerning the formation of domestic insurance companies. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-4-10 Amendment of articles of incorporation under plan of reorganization

Sec. 10. (a) Except as otherwise provided in this article and subject to subsection (b), the amendment of the articles of incorporation of a mutual insurance company under a plan under this article must be conducted in compliance with IC 27-1-8. (b) The commissioner, the attorney general, and the secretary of state shall: (1) examine; and (2) if warranted, approve; the proposed articles of amendment before the amended articles are submitted to the members for approval. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-4-11 Prerequisites to issuance of permit and certificate of authority

Sec. 11. (a) Before the commissioner issues a permit for completion of organization of the mutual insurance holding company and a certificate of authority for the reorganized insurer under subsection (b), the commissioner must: (1) issue notice to the applicant that the commissioner has approved the plan of reorganization of the applicant under this article; and (2) receive the minutes of the meeting of the members at which the plan was approved under this article. (b) After the events referred to in subsection (a), the commissioner shall issue: (1) a permit for completion of organization of the mutual insurance holding company as provided in IC 27-1-6-11; and (2) a certificate of authority for the reorganized insurer as provided in IC 27-1-8-9. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-4-12 When plan of reorganization or plan to issue stock is effective

Sec. 12. (a) A plan of reorganization is effective when: (1) the commissioner has issued the permit for completion of organization of the mutual insurance holding company; and (2) the certificate of authority for the reorganized insurer has been: (A) issued by the commissioner under this chapter; and (B) recorded in the office of the county recorder of the county in which the principal office of the reorganized insurer is located. (b) A plan to issue stock is effective on the date on which the stock is issued in compliance with this article. As added by P.L.226-2023, SEC.30.

Ind. Code § 27-14.5-4-13 Insurance commissioner authority to hire experts in reviewing application

Sec. 13. The commissioner may, at the applicant's expense, hire attorneys, actuaries, accountants, investment bankers, and other experts as may be reasonably necessary to assist the commissioner in reviewing an application. 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