Sec. 4. (a) With the written approval of the commissioner, and subject to any conditions that the commissioner may impose, a mutual insurance holding company may do any of the following: (1) Merge or consolidate with, or acquire the assets of: (A) a mutual insurance holding company licensed under this article; or (B) any similar entity organized under the laws of any other state. (2) Either alone or together with one (1) or more of an intermediate stock holding company, a stock insurance company subsidiaries or other subsidiaries, directly or indirectly, acquire the stock or assets of: (A) a stock insurance company; (B) a mutual insurance company that is reorganized under this article or the law of its state of organization; or (C) a mutual insurance company. (3) Acquire a stock insurance company through the merger of the stock insurance company or its parent company, as applicable, into: (A) a stock insurance company subsidiary; or (B) an intermediate stock holding company subsidiary or the mutual insurance holding company. (b) A mutual insurance holding company and its affiliates may: (1) establish any other type of entity as otherwise permitted by law; and (2) acquire the stock or assets of any other entity or person as otherwise permitted by law. (c) Whenever a mutual insurance holding company: (1) holds; (2) acquires; or (3) plans to acquire; more than fifty percent (50%) of the voting capital stock of a stock insurance company, the mutual insurance holding company must submit to the commissioner a description of any membership interests of policyholders of the stock insurance company in the mutual insurance holding company.
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