§ 83-31-163. Bylaws
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 […]
§ 83-31-165. Directors
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 […]
§ 83-31-167. Dissolution, liquidation, commissioner jurisdiction and investments
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 […]
§ 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.
§ 83-31-139. Insolvent companies or companies in financially hazardous condition; waiver
If a mutual insurance company is insolvent or, in the judgment of the commissioner, is in hazardous financial condition, its board of directors, by a majority vote, may petition the commissioner to waive the provisions of Sections 83-31-101 through 83-31-143 requiring notice to and policyholder approval of the planned conversion. The petition must specify the […]
§ 83-31-141. Requirements for acquiring control; converted company rights, privileges and compliance
A mutual insurance company may not be permitted to convert under Sections 83-31-101 through 83-31-143 if, as a direct result of the conversion, any person or any affiliate acquires control of the converted stock company, unless that person or the affiliate complies with the requirements of Section 83-6-1 et seq. Except as otherwise specified in […]
§ 83-31-143. Endorsement or rider extinguishing policy rights
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 […]
§ 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 […]