Indiana Code Title 27. Insurance § 27-15-13-3

Sec. 3. A security that is:

in contravention of this chapter or of an order of the commissioner, may not be voted at any shareholders' meeting.  Any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though the securities were not issued and outstanding.  However, no action taken at a meeting shall be invalidated by the voting of those securities unless the action would materially affect control of the former mutual or a person that owns or controls a majority or all of the voting securities of the former mutual or unless the courts of this state have so ordered.