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. IC 27-11-6 Chapter 6. Contractual Benefits 27-11-6-1 Contractual benefits 27-11-6-2 Beneficiaries of benefit contracts; funeral benefits; failure to designate lawful beneficiary 27-11-6-3 Limitation on use of benefits to pay debts or liabilities of members, beneficiaries, or other persons 27-11-6-4 Issuance of certificate to owner of benefit contract 27-11-6-5 Effect of changes, additions, or amendments to laws of society upon owner and beneficiaries of benefit contract 27-11-6-6 Issuance of benefit contract upon life of a minor 27-11-6-7 Payment of owner's equitable proportion of deficiency where society's reserves are impaired 27-11-6-8 Copies of documents as evidence of terms and conditions 27-11-6-9 Filing of copy of certificate with commissioner; contents of certificate 27-11-6-10 Benefit contract issued on life of a minor; transfer of control of ownership to the insured 27-11-6-11 Assignment of benefit contracts 27-11-6-12 Cash surrender value, loans, or other options
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