Section 760IAC1-66-5. Additional powers of commissioner; prohibition from use of rule based on change in investor's certificate

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(a) Nothing in this rule shall prevent the commissioner from taking any action necessary for the protection of the policyholders of the former mutual company upon the commissioner's receipt of a notice of any change in the matters certified as required by IC 27-15-13-2(b)(2)(C).

(b) An institutional investor that files a notice described in subsection (a) may make no further acquisitions of shares under this rule if any change reported in such notice would:

(1) make the institutional investor ineligible to use this rule to acquire shares;

(2) require approval under IC 27-1-23; or

(3) otherwise cause the commissioner to disapprove an acquisition of shares.

(Department of Insurance; 760 IAC 1-66-5; filed Aug 3, 2001, 4:38 p.m.: 24 IR 3987; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed Nov 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA)

                    
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