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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

previous next Effective - 28 Aug 1996bottom

  379.987.  Nonapplicability of certain provisions of insurance holding companies law — incorporation of mutual holding company, authority, approval — powers of mutual holding company, engaging in business of insurance, no authority, affiliation and merger agreements. — 1.  Sections 382.040, 382.060 and 382.095 are not applicable to a reorganization or merger pursuant to sections 379.980 to 379.988.

  2.  A mutual holding company organized pursuant to sections 379.980 to 379.988 shall be incorporated pursuant to this chapter. The articles of incorporation and any amendments to such articles of the mutual holding company shall be subject to approval of the director and the attorney general in the same manner as those of a mutual insurance company.

  3.  A mutual holding company shall have the same powers granted to domestic insurance companies pursuant to chapter 382 relating to insurance holding company systems and shall be subject to its requirements and provisions and shall have all the powers granted to corporations organized pursuant to chapter 351.  Neither the mutual holding company or any stock holding company created pursuant to sections 379.980 to 379.988 shall be an insurer or may engage in the business of insurance.  A mutual holding company may enter into an affiliation agreement or a merger agreement either at the time of the reorganization, or at some later time with the approval of the director, with any mutual insurance company authorized to do business in this state.  Any such merger agreement may authorize participating policyholders of the mutual insurance company to become members of the mutual holding company.  Any such affiliation agreement or merger agreement is subject to the insurance laws of this state relating to such transactions entered into by a domestic mutual insurance company.

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(L. 1996 S.B. 759)


---- end of effective   28 Aug 1996 ----

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