§ 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 […]
§ 83-31-137. 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 […]