Sec. 2. The articles of incorporation of a mutual insurance holding company must contain the following or provisions at least substantially equivalent to the following:

(1) The name of the mutual insurance holding company, which must include the term “mutual” or the abbreviation “MHC”.

(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) 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) A provision specifying that the mutual insurance holding company is not authorized to issue voting stock.

(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) A provision specifying that:

(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

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

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

(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.