Any company may restrict its business to the insurance of the lives of its members or stockholders alone, it being the intent of this section to permit of a corporate existence to any professional association, guild, brotherhood or other mutual association, the right, by an arrangement among themselves, as stockholders in a corporation, to insure […]
A domestic mutual life insurance company operating under this chapter shall not receive an original or renewal certificate of authority from the commissioner to issue policies or contracts of insurance unless it possesses and maintains capital or surplus funds as required by § 56-2-114. Subsection (a) does not apply to any insurance company chartered prior […]
The corporate powers of a mutual life insurance corporation shall be exercised by, and its business and affairs shall be under the control and government of, a board of directors composed of not less than fifteen (15) nor more than twenty-one (21) natural persons who are policyholders and who are at least eighteen (18) years […]
In order to secure continuity of membership in its board of directors, the bylaws of the corporation may provide for division of the board into no more than seven (7) classes as nearly equal in number as possible, and may fix the term of office for each class. Unless such provision is made in the […]
All directors, as provided in § 56-18-104, shall be elected at an annual meeting of the policyholders of the company, and other questions at the meeting shall be determined, in the manner and subject to the regulations prescribed. For the purposes of the meeting or election, “policyholder” means: A person insured by the corporation under […]
Policyholders, as defined in § 56-18-105, shall be notified of the annual meetings or elections: By written notice; By an imprint upon the filing backs of their policies; In case of policies on which the premiums are payable monthly or more often, on some other prominent place of each policy; or Upon receipts or certificates […]
An officer, employee or agent of the corporation who asks for, receives, procures to be obtained or uses a proxy vote in violation of § 56-18-106 shall be punished by a fine of not less than one hundred dollars ($100), nor more than three hundred dollars ($300), and any proxy vote so obtained shall be […]
Any domestic stock life insurance corporation, duly incorporated under the laws of this state, may become a mutual life insurance corporation, and to that end may carry out a plan for the acquisition of shares of its capital stock; provided, that the plan has been: Adopted by a vote of a majority of the directors […]
The plan of mutualization, if properly approved as provided in § 56-18-108, may contain any provision or provisions not in conflict with this chapter or the constitution or other statutory laws of the state.
If a plan of mutualization has been adopted by a vote of a majority of the directors of the corporation, approved by the commissioner, and approved by a vote of stockholders representing a majority of the capital stock then outstanding, a written notice of the meeting of policyholders to consider the plan shall be given […]
The policyholders’ meeting for the purpose of voting on the plan of mutualization shall be conducted in the manner provided in the mutualization plan; provided, that policyholders may vote in person, by proxy, or by mail and all votes shall be cast by ballot on a uniform ballot furnished by the corporation. The commissioner shall […]
If a stock life insurance corporation determines to become a mutual life insurance corporation, it may, in carrying out any plan to that end under this chapter, acquire any shares of its own stock by gift, bequest or purchase. Until all of the shares are acquired, any shares so acquired shall be assigned and transferred […]
When a stock life insurance corporation has become converted into a mutual life insurance corporation as provided in this chapter, the officers and directors shall remain as the officers and directors of the newly converted corporation until the next annual meeting for the election of officers and directors when their successors shall be elected in […]
When a stock life insurance corporation has become converted into a mutual life insurance corporation as provided in this chapter, it shall have all the rights, privileges and powers conferred upon it by its charter and any amendments to its charter, and all the rights, privileges and powers conferred by general laws of this state […]
Neither the retirement of its capital stock nor any other action taken under this chapter shall affect existing suits, rights or contracts of the corporation. Any deposit made by the corporation under any requirement of an applicable statute of this state shall be retained by the commissioner in trust for the benefit and security of […]
Any time before the mutualization of the corporation is complete, the corporation may abandon a plan of mutualization by the same procedure as was followed in adopting the plan. Upon abandonment, any right of any stockholder to be paid for stock in accordance with the plan shall cease and terminate, and the corporation shall continue […]
