2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-59 CHAPTER 59 CONVERSION OF DOMESTIC MUTUAL INSURER TO DOMESTIC STOCK INSURER (500.5901...500.5927)
- Section 500.5901 Definitions.
- Section 500.5903 Conversion 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 500.5904 Plan of conversion; prohibited conduct.
- Section 500.5905 Conversion plan; contents; provisions applicable to subscription rights.
- Section 500.5907 Conversion plan; provisions applicable to operation as closed block of business.
- Section 500.5909 Acquisition of capital stock of converted stock company or stock of participating corporation; limitations; prohibitions.
- Section 500.5911 Receipt of subscription rights by directors and officers of mutual company.
- Section 500.5913 Allocation of subscription rights to employee benefit plan.
- Section 500.5915 Adoption of plan not relying on issuance of subscription rights; alternative plan; retaining qualified expert; “eligible member” and “U.S. branch” defined.
- Section 500.5917 Effectiveness of plan; conditions.
- Section 500.5919 Notice of adoption of conversion plan; right of member to rescind or cancel policy.
- Section 500.5921 Conversion plan; continuation of corporate existence; transfer of rights, franchises, and interests; assumption of obligations and liabilities; service and election of directors and officers.
- Section 500.5923 Payment of fee, commission, or consideration to director, officer, agent, or employee; costs and expenses.
- Section 500.5925 Validity of actions.
- Section 500.5927 Petition to waive notice and approval requirements.
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