Sec. 5. Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the insurance law for mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds (2/3) of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of the plan. No conversion shall take effect unless and until approved by the commissioner, who may give the approval if the commissioner finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.
Ind. Code § 27-11-5-5
Conversion and licensing as mutual life insurance company
Applied in 1 court decision — leading case Whitelick Indiana Aerie 3702 Fraternal Order of Eagles, Inc. v. Hendricks County Property Tax Assessment Board of Appeals (2017)
Most recently applied in Whitelick Indiana Aerie 3702 Fraternal Order of Eagles, Inc. v. Hendricks County Property Tax Assessment Board of Appeals (September 2017)
As added by P.L.262-1985, SEC.1.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.