Michigan Compiled Laws 218-1956-60 Chapter 60 Reorganization Of Mutual Insurers (500.6001...500.6031)

• Section 500.6001 Definitions.
  As used in this chapter: (a) “Converted company” means a Michigan domiciled stock insurance company that results from the reorganization of a mutual company...
• Section 500.6003 Reorganization Of Mutual Company; Formation.
  (1) Upon approval of the commissioner, a mutual company may reorganize by forming simultaneously a mutual holding company and converting the mutual company into...
• Section 500.6005 Reorganization Plan; Adoption; Amendment; Withdrawal.
  (1) A mutual company seeking to reorganize to a mutual holding company structure shall adopt, by the affirmative vote of not less than 2/3...
• Section 500.6007 Reorganization Plan; Contents.
  A plan of reorganization shall include all of the following: (a) The reasons for the proposed reorganization. (b) The effect of the reorganization on...
• Section 500.6009 Reorganization Plan; Operation And Support Of Closed Block Of Business.
  (1) A plan of reorganization shall provide that a mutual life insurance company's participating life policies in force on the effective date of the...
• Section 500.6011 Reorganization Plan; Filing Of Documents; Hearing; Approval Or Disapproval Of Plan By Commissioner; Conditions For Approval; Retention And Assistance Of Qualified Expert.
  (1) After adoption by the mutual company's board of directors and prior to the members' approval of the plan of reorganization, a mutual company...
• Section 500.6013 Reorganization Plan; Membership Meeting; Notice; Quorum; Vote; Proxy; Voter Eligibility.
  (1) All eligible members shall be given notice of the members' meeting to vote upon the plan of reorganization. The notice shall briefly but...
• Section 500.6015 Documents To Be Filed After Plan Approval.
  After the eligible members have approved a plan of reorganization, the converted company shall file all of the following documents with the commissioner: (a)...
• Section 500.6017 Mutual Holding Company; Articles Of Incorporation.
  (1) Adoption of articles of incorporation for the mutual holding company, each intermediate holding company, if any, and revised articles of incorporation for the...
• Section 500.6019 Reorganization Plan; Conditions For Plan To Take Effect.
  (1) A plan becomes effective when the commissioner has approved the plan, the members have approved the plan, and the articles of incorporation of...
• Section 500.6023 Membership Interest In Mutual Holding Company.
  (1) No member of a mutual holding company may transfer membership in the mutual holding company. (2) A member of a mutual holding company...
• Section 500.6025 Mutual Holding Company; Powers And Duties.
  (1) A mutual holding company has the same powers granted to domestic mutual insurance companies and is subject to the same requirements of this...
• Section 500.6027 Transfer, Assignment, Or Diversion Of Business From Converted Business.
  Without the commissioner's prior approval, neither the converted company nor any other person affiliated with or controlling the converted company shall transfer, assign, or...
• Section 500.6029 Receipt Of Fee, Commission, Or Other Consideration; Payment Of Costs And Expenses.
  (1) A director, officer, agent, or employee of the mutual company or any other person shall not receive any fee, commission, or other valuable...
• Section 500.6031 Substantial Compliance With Notice Requirements; Commencement Of Action Challenging Validity Of Certain Acts Or Commissioner's Decision.
  (1) If a mutual company complies substantially and in good faith with the notice requirements of this chapter, the mutual company's failure to give...

Last modified: October 10, 2016