§ 83-31-171. Voluntary dissolution
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 […]
§ 83-31-173. Provisions applicable to mutual insurance holding companies; exemptions from certain provisions
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 […]
§ 83-31-175. Actions challenging validity
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 […]
§ 83-31-145. Definitions applicable to mutual insurance holding company provisions
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 […]
§ 83-31-147. Holding company voting share ownership; securities issuance
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 […]
§ 83-31-149. Domestic mutual insurance holding company powers and compliance with nonprofit private corporation provisions
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 […]
§ 83-31-151. Reorganization and subsidiaries
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 […]
§ 83-31-153. Reorganization plan requirements; adoption and approval
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 […]
§ 83-31-155. Dividends and distributions to members
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 […]
§ 83-31-137. Actions challenging validity
An action challenging the validity of or arising out of acts taken or proposed to be taken regarding a conversion plan under Sections 83-31-101 through 83-31-143 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 the conversion plan.