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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

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  379.988.  Mutual holding company subject to supervision of director, dissolution or liquidation — demutualization. — 1.  A mutual holding company is subject to supervision of the director in the same manner as an insurer subject to the provisions of this chapter and shall automatically be a party to any proceeding pursuant to sections 375.1150 to 375.1246 involving an insurance company which, as a result of a reorganization pursuant to sections 375.1150 to 375.1246, is a subsidiary of the mutual holding company or a stock holding company created pursuant to section 379.982.  In a proceeding pursuant to sections 375.1150 to 375.1246 involving the reorganized insurance company, the assets of the mutual holding company are deemed to be assets of the estate of the reorganized insurance company for purposes of satisfying the claims of the reorganized company's policyholders.  A mutual holding company shall not dissolve or liquidate without the approval of the director or as ordered by the court pursuant to sections 375.1150 to 375.1246.

  2.  Sections 375.201, 375.206, 375.216, 375.221 and 375.226 are applicable to a demutualization of a mutual holding company as if it were a mutual insurance company.  This section does not apply to those companies organized under chapter 354 or chapter 355 and does apply only to for-profit mutual property and casualty insurance companies.

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(L. 1996 S.B. 759)


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

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