§ 83-31-109. Notice to eligible members and comments; amendment and termination of plan
The conversion plan may be: Amended by a vote of two-thirds (2/3) of the members of the board of directors of the applicant in response to the comments or recommendations of the commissioner or any other state or federal agency or governmental entity before any solicitation of proxies from members of the mutual insurance company […]
§ 83-31-111. Member meeting notice for voting on conversion plan
Within sixty (60) days after the commissioner’s approval of the plan, the mutual insurance company shall send to each eligible member notice of the members’ meeting to vote on the conversion plan. The notice must be sent to the member’s last known address, as shown on the mutual insurance company’s records, before the thirtieth day […]
§ 83-31-113. Member votes on plan and amending or restating articles of association
A conversion plan is adopted on receiving the affirmative vote of at least two-thirds (2/3) of the votes cast in person or by proxy by eligible members at a duly convened meeting to consider the plan of conversion. Members entitled to vote on the proposed conversion plan may vote in person or by proxy. The […]
§ 83-31-35. Money advanced by officers or members
Any director, officer, or member of any such company, or any other person, may advance to such company any sum or sums of money necessary for the purpose of its business or to enable it to comply with any of the requirements of the law. Such moneys and such interest thereon as may have been […]
§ 83-31-37. Delivery of policies through licensed agents
Such mutual company shall comply with the provisions of any law applicable to any stock insurance companies effecting the same kind of insurance requiring that policies be countersigned and delivered through a licensed agent. This requirement shall not apply to any policy of such mutual company on which no commission shall be paid to any […]
§ 83-31-39. Admission of foreign mutual companies
Any mutual insurance company organized outside of this state and authorized to transact the business of insurance on the mutual plan in any state, district, or territory, except foreign mutual life insurance companies doing business upon the legal reserve plan, shall be admitted and licensed to transact the kinds of insurance authorized by its charter […]
§ 83-31-41. Annual reports
Every such mutual insurance company shall make its annual report in such form and submit to such examinations as may be required by the commissioner of insurance. As far as practicable, such examinations of foreign mutual insurance companies shall be made in co-operation with the insurance departments of other states, and the forms of annual […]
§ 83-31-23. Corporations and associations may hold policies
Any public or private corporation, board, or association in this state or elsewhere may make application, enter into agreements for, and hold policies in any such mutual insurance company. Any officer, stockholder, trustee, or legal representative of any such corporation, board, association, or estate may be recognized as acting for or on its behalf for […]
§ 83-31-25. Voting of members
Every member of the company shall be entitled to one vote, or to a number of votes based upon the insurance in force, the number of policies held, or the amount of premiums paid, as may be provided in the bylaws.
§ 83-31-27. Premiums
The maximum premium payable by any member shall be expressed in the policy or in the application for the insurance. Such maximum premium may be a cash premium and an additional contingent premium not less than the cash premium, or may be solely a cash premium. No policy shall be issued for a cash premium […]