Ind. Code § 27-15-1-2 – Conversion generally

(a) Any domestic mutual insurance company that:
1. (1) maintains its executive offices in Indiana; and
2. (2) employs at least five hundred (500) persons or a substantial percentage of its workforce in Indiana;
  may, by amendment to its articles of incorporation, convert to a stock insurance company by means of a plan of conversion described in IC 27-15-2-2 or a simple plan of conversion described in IC 27-15-2-3 and IC 27-1-8 .
(b) The commissioner shall determine whether a mutual insurance company meets the requirements of subsection (a)(2).

As added by P.L.94-1999, SEC.3. Amended by P.L.14-2000, SEC.61.