A mutual insurance company, by endorsement or rider approved by the commissioner and delivered to the policyholder, may simultaneously with or at any time after the adoption of a conversion plan amend any outstanding insurance policy to evidence the extinguishment of the rights, if any, of the holder of the policy as described in the […]
As used in Sections 83-31-145 through 83-31-181, the following items shall have the meaning ascribed herein unless the context indicates otherwise: “Mutual insurance holding company” means an incorporated entity without permanent capital stock that is organized under Section 83-31-145 et seq. and whose members are determined in accordance with such provisions. “Subsidiary insurance company” means […]
The voting shares of the capital stock of a subsidiary insurance company, which are required by Sections 83-31-145 through 83-31-181 in order to maintain a majority of the voting shares, are to be at all times owned by a mutual insurance holding company or one or more intermediate holding companies and the voting shares of […]
Domestic mutual insurance holding companies shall have all the powers and authority and shall be subject to the requirements applicable to Mississippi nonprofit private corporations under Section 79-11-101 et seq., except: A mutual insurance holding company shall be organized exclusively under Sections 83-31-145 through 83-31-181 and shall be a mutual company without capital stock. The […]
A domestic mutual insurance company, by itself or together with one or more other mutual insurance companies, under a plan of reorganization, may reorganize as a mutual insurance holding company system that must consist of a mutual insurance holding company and one or more controlled subsidiaries and which may consist of one or more intermediate […]
A plan of reorganization shall include the following provisions: A description of the structure of the proposed mutual insurance holding company system consistent with the requirements therefor set forth in Sections 83-31-145 through 83-31-181. A description of the qualifications for membership in and the rights of members of the mutual insurance holding company consistent with […]
A mutual insurance holding company shall not be authorized to pay dividends or make distributions to mutual insurance holding company members except as may be expressly approved by the commissioner. Neither the adoption nor the implementation of a plan of reorganization leading to the formation of a mutual holding company shall be deemed to give […]
Subject to applicable requirements of Sections 83-31-47 and 83-31-101 through 83-31-181 and Section 83-6-1 et seq., a mutual insurance holding company may: Merge or consolidate with, or acquire the assets of, a mutual insurance holding company formed under Sections 83-31-47 or 83-31-101 through 83-31-181 or any similar entity or organization formed under the laws of […]
No mutual insurance holding company shall be formed unless its articles of association are approved by the commissioner before filing the articles of association with the Mississippi Secretary of State as provided by law. The articles of association shall be effective when filed with and approved by the commissioner and also filed with the Mississippi […]
A domestic mutual insurance holding company may amend its articles of association by vote of a majority of those members present or represented by proxy at a lawful meeting of its members if the notice given members included due notice of the proposal to amend. Upon adoption of an amendment, the articles of amendment shall […]
The initial board of directors of a mutual insurance holding company shall adopt bylaws. The bylaws shall provide: That each member is entitled to one (1) vote upon each matter coming to a vote at meetings of members or to more votes in accordance with a reasonable classification of members as set forth in the […]
The affairs of every mutual insurance holding company shall be managed by not less than five (5) directors. Directors shall be elected by the members of the mutual insurance holding company at the annual meeting of members. Directors may be elected for terms of not more than three (3) years each and until their successors […]
A mutual insurance holding company and, if applicable, an intermediate holding company shall not be dissolved or liquidated without the approval of the commissioner. The commissioner shall retain jurisdiction over a mutual insurance holding company incorporated in this state and, if applicable, an intermediate holding company, to assure that policyholder interests are protected, including, but […]
Membership in a mutual insurance holding company shall be determined in accordance with the mutual insurance holding company’s articles of association and bylaws and, subject to such exceptions as are set forth in the articles of association or bylaws, shall be based upon each member’s holding a policy of insurance with a subsidiary insurance company. […]
Upon any voluntary dissolution of a domestic mutual insurance holding company, its assets remaining after discharge of its indebtedness, if any, and expenses of administration shall be distributed to existing persons who were its members at any time within the three-year period preceding the date such liquidation was authorized or ordered or date of last […]
Each mutual insurance holding company shall be subject to the applicable laws and rules of this state relating to insurance holding company systems. A mutual insurance holding company shall not be subject to provisions of Title 83 of the Mississippi Code or rules adopted thereunder with respect to the writing of insurance or required capital […]
An action challenging the validity of or arising out of acts taken or proposed to be taken regarding a plan of reorganization under Sections 83-31-47 or 83-31-101 through 83-31-181 must begin in the Chancery Court of the First Judicial District of Hinds County, Mississippi, not later than the thirtieth day after the effective date of […]
A mutual insurance holding company may become a stock holding company under such plan and procedure as may be approved by the commissioner and as provided in Section 83-31-101 et seq.
A director, officer, agent or employee of the mutual insurance company may not receive a fee, commission or other consideration other than that person’s usual salary or compensation for aiding, promoting or assisting in a plan of reorganization under Sections 83-31-47 or 83-31-101 through 83-31-181, except as provided by the plan of reorganization approved by […]
The commissioner may adopt rules and regulations implementing the provisions of Sections 83-31-101 through 83-31-179, including, but not limited to, the regulation of the solvency of mutual insurance holding companies and intermediate holding companies.
