1. (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. (1) Merge or consolidate with, or acquire the assets of:

      1. (A) a mutual insurance holding company licensed under this article; or
      2. (B) any similar entity organized under the laws of any other state.

   2. (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:

      1. (A) a stock insurance company;
      2. (B) a mutual insurance company that is reorganized under this article or the law of its state of organization; or
      3. (C) a mutual insurance company.

   3. (3) Acquire a stock insurance company through the merger of the stock insurance company or its parent company, as applicable, into:

      1. (A) a stock insurance company subsidiary; or
      2. (B) an intermediate stock holding company subsidiary or the mutual insurance holding company.

2. (b) A mutual insurance holding company and its affiliates may:

   1. (1) establish any other type of entity as otherwise permitted by law; and
   2. (2) acquire the stock or assets of any other entity or person as otherwise permitted by law.

3. (c) Whenever a mutual insurance holding company:

   1. (1) holds;
   2. (2) acquires; or

   3. (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.

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