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2006 Michigan Compiled Laws - CHAPTER 59 CONVERSION OF DOMESTIC MUTUAL INSURER TO DOMESTIC STOCK INSURER (500.5901...500.5927)

THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
Chapter 59
CONVERSION OF DOMESTIC MUTUAL INSURER TO DOMESTIC STOCK INSURER

DocumentDescription
Section 500.5901Definitions.
Section 500.5903Conversion plan; vote to amend or withdraw; submission of documents to commissioner; time period for approval or disapproval; conditions; review by qualified expert; notice of meeting; vote; adoption; filing certain documents; confidentiality.
Section 500.5904Plan of conversion; prohibited conduct.
Section 500.5905Conversion plan; contents; provisions applicable to subscription rights.
Section 500.5907Conversion plan; provisions applicable to operation as closed block of business.
Section 500.5909Acquisition of capital stock of converted stock company or stock of participating corporation; limitations; prohibitions.
Section 500.5911Receipt of subscription rights by directors and officers of mutual company.
Section 500.5913Allocation of subscription rights to employee benefit plan.
Section 500.5915Adoption of plan not relying on issuance of subscription rights; alternative plan; retaining qualified expert; "eligible member" and "U.S. branch" defined.
Section 500.5917Effectiveness of plan; conditions.
Section 500.5919Notice of adoption of conversion plan; right of member to rescind or cancel policy.
Section 500.5921Conversion plan; continuation of corporate existence; transfer of rights, franchises, and interests; assumption of obligations and liabilities; service and election of directors and officers.
Section 500.5923Payment of fee, commission, or consideration to director, officer, agent, or employee; costs and expenses.
Section 500.5925Validity of actions.
Section 500.5927Petition to waive notice and approval requirements.

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