Sec. 760 IAC 1-66-2 - Definitions

§ 760 IAC 1-66-2. Definitions

Authority: IC 27-15-13-2

Affected: IC 27-1-2-3; IC 27-1-23-1; IC 27-15-1; IC 27-15-13-1

Sec. 2.

The definitions set forth in IC 27-1-2-3, IC 27-1-23-1, and IC 27-15-1 and the following definitions apply throughout this rule:

(1) "Conversion" means the conversion of a former mutual company pursuant to a plan of conversion.

(2) "Executive officer" means any individual charged with active management and control in an executive capacity, including a president, vice president, treasurer, secretary, controller, or any other individual performing functions corresponding to those performed by the foregoing officers, of a person whether incorporated or unincorporated.

(3) "Institutional investor" means any of the following, whether acting for its own account or the accounts of other institutional investors:

(A) A depository institution, including a bank, federal savings bank, savings and loan association, or trust company, regulated and supervised under the laws of the United States or any state.

(B) An insurance company.

(C) A separate account of an insurance company.

(D) An investment company registered under the federal "Investment Company Act of 1940", 15 U.S.C. §§ 80a-1 et seq.

(E) A business development company as defined in the federal "Investment Company Act of 1940", 15 U.S.C. § 80a-2(48).

(F) Any private business development company as defined in the federal "Investment Advisers Act of 1940", 15 U.S.C. § 80b-2(22).

(G) An employee pension, profit-sharing, or benefit plan if the plan has total assets in excess of twenty-five million dollars ($25,000,000) or its investment decisions are made by a named fiduciary, as defined in the federal "Employee Retirement Income Security Act of 1974", 29 U.S.C. § 1002(21), that is a broker-dealer registered under the federal "Securities Exchange Act of 1934", 15 U.S.C. § 78o, an investment adviser registered or exempt from registration under the federal "Investment Advisers Act of 1940", 15 U.S.C. § 80b-3, a depository institution, or an insurance company.

(H) An entity, but not an individual, a substantial part of whose business activities consist of investing, purchasing, selling, or trading in securities of more than one (1) issuer and not of its own issue and that has total assets in excess of fifty million dollars ($50,000,000) as of the end of its latest fiscal year and in the aggregate owns and invests on a discretionary basis at least ten million dollars ($10,000,000) of securities of issuers with which it is not affiliated.

(I) A small business investment company licensed under the federal "Small Business Investment Act of 1958", 15 U.S.C. § 681.

(J) Any other qualified institutional buyer as defined in Rule 144A(a)(1) of the Securities and Exchange Commission or any successor regulation. The term shall not include the former mutual company, any parent company, or any employee benefit plan or trusts sponsored by the former mutual or a parent company where no approval under IC 27-15-1 3-1 is required.

(Department of Insurance; 760 IAC 1-66-2; filed Aug 3, 2001, 4:38 p.m.: 24 IR 3985; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA Readopted filed 11/19/2019, 9:18 a.m.: 20191218-IR-760190497RFA)

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