§ 23-69-149. Assumption reinsurance — Stock insurers
(a) (1) A domestic stock insurer may reinsure all or substantially all of its insurance in force or a major class thereof with another insurer by an agreement of assumption reinsurance. (2) However, an agreement shall not become effective unless filed with the Insurance Commissioner and approved by him or her in writing. (3) With […]
§ 23-69-301. Title
This subchapter shall be known and may be cited as the “Mutual Insurance Holding Company Act”.
§ 23-69-150. Assumption reinsurance — Mutual insurers
(a) A domestic mutual insurer may reinsure all or substantially all of its insurance in force, or a major class thereof, with another insurer, stock or mutual, by an agreement of assumption reinsurance after compliance with this section. The agreement shall not become effective unless filed with the Insurance Commissioner and approved by him or […]
§ 23-69-302. Purpose
(a) (1) The General Assembly finds and declares that it is in the public interest that a domestic mutual insurer be permitted to reorganize in a manner that preserves attributes of its mutuality while facilitating capital-raising abilities and corporate affiliations on terms and conditions that are fair and equitable to the mutual insurer’s policyholders. (2) […]
§ 23-69-151. Voluntary dissolution — Procedure
(a) (1) If while a domestic stock or mutual insurer is fully solvent and it is deemed by its board of directors to be in the best interests of the insurer and its stockholders or members that the insurer should be dissolved, the board of directors may adopt a resolution to that effect and call […]
§ 23-69-303. Definitions
For purposes of this subchapter, unless the context requires otherwise: (1) “Commissioner” means the Insurance Commissioner; (2) “Intermediate stock holding company” means a holding company of which at least a majority of the voting securities are owned by a mutual insurance holding company and which directly owns all the voting securities of a reorganized stock […]
§ 23-69-152. Dissolution — Directors to act as trustees
(a) Upon the dissolution of a domestic stock or mutual insurance corporation under the provisions of § 23-69-151, or upon the expiration of the period of its corporate existence, limited by its articles of incorporation, the directors of the corporation shall be trustees thereof with full power to settle the affairs, collect the outstanding debts, […]
§ 23-69-304. Formation of mutual insurance holding company
(a) A domestic mutual insurer, upon approval of the Insurance Commissioner, may reorganize by: (1) Forming a mutual insurance holding company; (2) Merging its policyholders’ membership interests into the mutual insurance holding company; and (3) Continuing the mutual insurer’s corporate existence as a stock insurer subsidiary of the mutual insurance holding company. (b) A domestic […]
§ 23-69-153. Dissolution — Continuation for suits and settling business
(a) All domestic stock and mutual insurance corporations, whether they expire by their own limitation or are otherwise dissolved, shall nevertheless be continued for the term of three (3) years from the expiration or dissolution as bodies corporate for the purpose of prosecuting and defending suits by or against them and of enabling them gradually […]
§ 23-69-154. Voluntary dissolution — Distribution of assets to stockholders
(a) The trustees in dissolution of a domestic stock insurer under § 23-69-151, after payment of all special and general liens upon the funds of the corporation to the extent of their lawful priority, shall pay the other debts due from the corporation. (b) After allowing for such expenses of distribution as may be reasonable, […]