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.