The commissioner shall approve the application and permit the conversion under the plan of conversion and the amendment to the articles of incorporation if the commissioner finds, following the public hearing, if required:(1) that the amount and form of consideration is fair in the aggregate and to each member class;(2) that the plan of conversion and the amendment to the articles of incorporation:(A) comply with this article and other applicable laws;(B) are fair, reasonable, and equitable to the eligible members; and(C) will not prejudice the interests of the other policyholders of the converting mutual; and(3) except for a simple plan of conversion, that the total consideration provided to eligible members upon the extinguishing of the converting mutual's membership interests is equal to or greater than the surplus of the converting mutual.As added by P.L.94-1999, SEC.3.
Indiana Legal Code