Ind. Code § 27-3-2-1

Sec. 1. Any insurance company organized and doing business under the laws of this state on what is known as the assessment plan, and having more than one thousand (1,000) members, and a reserve fund of not less than one hundred thousand dollars ($100,000), is authorized, subject to the limitations set forth in this chapter, to issue stock in shares of fifty dollars ($50) each, to an amount of not less than one hundred thousand (100,000) nor more than five hundred thousand dollars ($500,000), and to receive subscriptions for the stock.