§ 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 […]
§ 83-31-127. Alternative conversion plans that do not rely on nontransferable subscription rights
The board of directors may adopt a conversion plan that does not rely wholly or partially on issuing nontransferable subscription rights to members to purchase stock of the converted stock company if the commissioner finds that the alternative conversion plan complies with Section 83-31-107(3). An alternative conversion plan may: Include the merger of a domestic […]
§ 83-31-129. Requirements for conversion plan to take effect; member rights
For a conversion plan to take effect: The commissioner must approve the conversion plan; and The eligible members must approve the conversion plan and adopt the amended or restated articles of association. A conversion plan takes effect when the amended or restated articles of association are filed with and approved by the commissioner and also […]
§ 83-31-131. Results on plan effective date
On the effective date of the conversion: The corporate existence of the mutual insurance company continues in the converted stock company; and All assets, rights, franchises and interests of the mutual insurance company in and to property, real, personal or mixed, and any accompanying things in action, are vested in the converted stock company, without […]
§ 83-31-133. Fees, costs and expenses
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 conversion under Sections 83-31-101 through 83-31-143, except as provided by the conversion plan approved by the commissioner. All the costs […]
§ 83-31-135. Good faith failure to provide notice
If the mutual insurance company complies substantially and in good faith with the notice requirements of Sections 83-31-47 or 83-31-101 through 83-31-181, the mutual insurance company’s failure to send a member the required notice under Section 83-31-109(2)(a) or Section 83-31-111(1) does not impair the validity of any action taken under Sections 83-31-47 or 83-31-101 through […]
§ 83-31-115. Filing minutes concerning member plan adoption meeting
Not later than the thirtieth day after the date on which the eligible members adopt the conversion plan at a duly convened meeting, the converted stock company shall file with the commissioner the minutes of the meeting of the eligible members at which the conversion plan was adopted.
§ 83-31-117. Conversion plan requirements; effect on existing policies; nonparticipating policies
Each conversion plan must include the provisions required by Sections 83-31-101 through 83-31-143 and by any rules or regulations adopted by the commissioner. Each policy in effect on the effective date of the conversion remains in effect under the terms of that policy, except that the following rights, to the extent they existed in the […]