The articles of incorporation of a mutual insurance holding company must contain the following or provisions at least substantially equivalent to the following:

1. (1) The name of the mutual insurance holding company, which must include the term "mutual" or the abbreviation "MHC".
2. (2) A provision specifying that one (1) purpose of the mutual insurance holding company is, at all times, to have the direct or indirect power to cast at least a majority of the votes for the election of directors of each stock insurance company subsidiary and any intermediate stock holding company.
3. (3) A provision specifying that the mutual insurance holding company does not have the power to engage in the business of issuing insurance policies or contracts, except through a stock insurance company subsidiary.
4. (4) A provision specifying that the mutual insurance holding company is not authorized to issue voting stock.
5. (5) A provision setting forth any rights of members of the mutual insurance holding company in the equity of the mutual insurance holding company upon dissolution or liquidation.

6. (6) A provision specifying that:

   1. (A) a member of the mutual insurance holding company is not, as a member, personally liable for the acts, debts, liabilities, or obligations of the mutual insurance holding company; and

   2. (B) no assessment of any kind may be imposed upon the members of the mutual insurance holding company by any person, including:

      1. (i) the board of directors, members, or creditors of the mutual insurance holding company; and

      2. (ii) any governmental office or official, including the commissioner;

         because of any liability of any company or because of any act, debt, or liability of the mutual insurance holding company.

As added by P.L.226-2023, SEC.30.