§ 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.
§ 83-31-43. Applicability of other laws
Except as expressly exempted by this chapter, all mutual companies organized or admitted to do business in this state shall be subject to any and all other laws of this state governing insurance companies. All laws enacted whereby the Commissioner of Insurance of the State of Mississippi is granted general authority as to reports, audits, […]
§ 83-31-45. Taxation of premium receipts
The taxable premium or premium receipts of any mutual insurance company organized or admitted in this state under this chapter for the purpose of taxation under any law of this state shall be the gross premiums received for direct insurance upon property or risks in this state, deducting premiums upon policies not taken and premiums […]
§ 83-31-47. Merger with foreign mutual insurance company
A domestic mutual insurance company may effect a merger with one or more domestic mutual insurance companies, or with one or more foreign mutual insurance companies, if such merger is authorized by the laws of the state under which each such foreign company is organized. The Commissioner of Insurance shall review and approve the plan […]
§ 83-31-101. Short title
The provisions of Sections 83-31-101 through 83-31-181 may be cited as the “Mississippi Mutual Insurance Company Conversion, Reorganization and Merger Act.”
§ 83-31-103. Definitions
As used in Sections 83-31-101 through 83-31-143, the following terms shall have the meaning ascribed herein unless the context indicates otherwise: “Conversion plan” means a plan adopted under Sections 83-31-101 through 83-31-143 by the board of directors of a domestic mutual insurance company to convert the mutual insurance company into a stock company. “Converted stock […]
§ 83-31-105. Conversion plan adoption and approval
A mutual insurance company that seeks to convert to a stock company must adopt, by the affirmative vote of not less than two-thirds (2/3) of the members of its board of directors, a conversion plan consistent with the requirements of Sections 83-31-101 through 83-31-143. A mutual insurance company may not engage in the business of […]
§ 83-31-107. Commissioner approval of conversion plan; public hearings
Not later than the ninetieth day after the date on which a mutual insurance company’s board of directors adopts a conversion plan, the company shall file with the commissioner: A copy of the conversion plan, including the documents relating to the conversion plan; The independent evaluation of a pro forma market value required by Section […]