§ 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 […]
§ 83-31-115. 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 […]
§ 83-31-119. Subscription rights and alternatives
Except for an alternative plan under Section 83-31-127, each conversion plan must specify the subscription rights of eligible members. The plan must include a provision that: Each eligible member is to receive, without payment by the member, nontransferable subscription rights to purchase a portion of the capital stock of the converted stock company, including a […]
§ 83-31-121. Capital stock sales and restrictions
The conversion plan must provide that any shares of capital stock not sold or distributed to holders of surplus notes, or subscribed to by eligible members exercising subscription rights under Section 83-31-119, may be sold in a private placement, public offering or other alternative method approved by the commissioner. The conversion plan must set the […]
§ 83-31-125. Liquidation account to be created
The conversion plan may provide for the creation of a liquidation account for the benefit of members in the event of voluntary liquidation after conversion in an amount equal to the surplus of the mutual insurance company, exclusive of the principal amount of any surplus note, on the last day of the quarter immediately preceding […]
§ 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 […]