Indiana § 27-11-5-5 - Conversion and licensing as mutual life insurance company
Full text of Indiana Indiana Code § 27-11-5-5 — Conversion and licensing as mutual life insurance company, with citation guidance and answers to common questions.
§ 27-11-5-5. Conversion and licensing as mutual life insurance company
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.
As added by P.L.262-1985, SEC.1.
IC 27-11-6Chapter 6. Contractual Benefits
27-11-6-1Contractual benefits 27-11-6-2Beneficiaries of benefit contracts; funeral benefits; failure to designate lawful beneficiary 27-11-6-3Limitation on use of benefits to pay debts or liabilities of members, beneficiaries, or other persons 27-11-6-4Issuance of certificate to owner of benefit contract 27-11-6-5Effect of changes, additions, or amendments to laws of society upon owner and beneficiaries of benefit contract 27-11-6-6Issuance of benefit contract upon life of a minor 27-11-6-7Payment of owner's equitable proportion of deficiency where society's reserves are impaired 27-11-6-8Copies of documents as evidence of terms and conditions 27-11-6-9Filing of copy of certificate with commissioner; contents of certificate 27-11-6-10Benefit contract issued on life of a minor; transfer of control of ownership to the insured 27-11-6-11Assignment of benefit contracts 27-11-6-12Cash surrender value, loans, or other options
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 27-11-5-5
What does Indiana Code § 27-11-5-5 cover?
Section 27-11-5-5 ("Conversion and licensing as mutual life insurance company") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 27-11-5-5?
A common citation format is "Indiana Code § 27-11-5-5" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 27-11-5-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.