Membership

Section 1. Classes. There shall be four (4) classes of members of the Association, Regular Members, Associate Members, Foreign Company Members, and Honorary Members:

1. Regular Members. The regular membership of the Association shall consist of such life Insurance companies as have or shall be admitted to such membership. To be eligible for admission as a Regular Member after January 1, 1979, a company must meet each of the following requirements:

1. It must be a life insurance company domiciled in Indiana,

2. It must have been in the business of selling individual life Insurance for at least ten (10) years,

3. It must have received a favorable evaluation in its two (2) most recent insurance department examinations.

4. It must have received a net gain from operations in at least three (3) of the last five (5) years.

5. It must have Fifteen Million Dollars ($15,000,000.00) or more in assets, and Two Million Dollars ($2,000,000.00) or more in direct life, health and annuity premium income (exclusive of credit life and health).

6. It must sell individual life insurance on the merit of the product and have demonstrated a sincere desire to serve the public.

A company eligible for regular membership may be admitted to such membership by a three-fourth (3/4ths) vote of the Regular Members present and voting at any meeting of the members,

1. Associate Members. The associate membership of the Association shall consist of such life insurance companies as have or shall be admitted to such membership. No Company may retain the status of Associate Member for more than ten (10) years, excluding any period or periods of time prior to January 1, 1978.
   
   To be eligible for admission as an Associate Member after 3anuary 1, 1979, a company must meet each of the following requirements:

1. It must be a life insurance company domiciled in Indiana.

2. It must have been in the business of selling individual life insurance for at least five (5) years.

3. It must have Five Million Dollars ($5,000,000.00) or more in assets, and One Million Dollars ($1,000,000.00) or more in direct life, health and annuity premium Income (exclusive of credit life and health).

4. It must have demonstrated progress toward financial strength and stability as evidenced by its most recent insurance department examination.

5. It must have developed an organization of good repute and demonstrated ability in both management and sales activity.

6. It must sell individual life insurance on the merit of the product, and must have demonstrated a sincere desire to serve the public.

A company eligible for associate membership may be admitted to such membership by a three-fourths (3/4ths) vote of the Regular Members present and voting at any meeting of the members.

1. Foreign Company Members. The foreign company membership of the Association shall consist of such Life insurance companies as have or shall be admitted to such membership. To be eligible for admission as a Foreign Company Member after January 1, 1999, a company must meet each of the following requirements:

1. It must be a life insurance company licensed in Indiana but domiciled in a state other than Indiana.

2. It must have been in the business of selling individual life insurance for at least (10) years.

3. It must have received a favorable evaluation in its two (2) most recent financial examinations by its domiciliary state insurance department.

4. It must have received a net gain from operations in at least three (3) of the last five (5) years.

5. lt must have Fifteen Million Dollars ($15,000,000.00) or more in assets, and Two Million Dollars ($2,000,000.00) or more in direct life, health and annuity premium income (exclusive of credit life and health).

6. It must sell individual-life insurance on the merit of the product and have demonstrated a sincere desire to serve the public.

A Company eligible for foreign company membership may be admitted to such membership by a three-fourths vote (3/4ths) vote of the Regular Members at a meeting of the members or by a proxy solicitation of the members.

1. Honorary Members. Any individual who (i) is or was an officer of the Association, (ii) was an officer of a Regular or Associate Member, and (iii) is no longer active in the management of a Regular or Associate Member, shall be eligible to become an Honorary Member. An individual eligible for honorary membership may be elected to such membership by a majority vote of the Regular Members present and voting at any meeting of the members.

Section 2. Rights., Preferences, Limitations and Restrictions of Classes. All members of the Association shall have the same rights, preferences, limitations and restrictions as the other members of the class of members to which they belong.

Section 3. Voting Rights of Classes. Each Regular Member shall be entitled to one vote on any matter submitted to a vote of the members. However, in the case of two or more Regular Members who are part of a fleet of companies, as defined in Article VII, Section 1, only one vote per fleet of companies is permitted. Regular Members shall be fully empowered to exercise their vote by proxy. Associate Members, Foreign Company Members, and Honorary Members are entitled to attend and participate in any discussion at any meeting of the members but have no voting rights.

Section 4. Withdrawal and Expulsion of Members. A member may withdraw from the Association at any time, provided all dues and obligations due from it to the Association are paid. A member may be expelled from the Association by a three-fourths (3/4ths) vote of the Regular Members present and voting at any meeting of the members called expressly for that purpose, with or without cause, and shall be expelled automatically upon the failure to pay the annual dues or any assessments due the Association thirty (30) days after demand is made by the Secretary-Treasurer unless such failure is excused by the Executive Committee upon payment being made thereafter.

Section 5. Redomestication of Regular Member. A regular member who transfers its domicile from Indiana to another state remains eligible for regular membership if:

1. It has maintained its membership in the Association as a regular member for a continuous period of ten (10) years or more;

2. It continues to maintain a substantial presence in Indiana after redomestication to another state as determined by the Executive Committee; and

3. It continues to fulfill the dues and other obligations of a regular member, as if redomestication had not occurred.