2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-60 CHAPTER 60 Reorganization of Mutual Insurers (500.6001...500.6031)
Section 500.6003 Reorganization of mutual company; formation.
Sec. 6003.
(1) Upon approval of the commissioner, a mutual company may reorganize by forming simultaneously a mutual holding company and converting the mutual company into a direct or indirect stock subsidiary of the mutual holding company. Unless otherwise specifically requested in a plan of reorganization filed with the commissioner, reorganization under this chapter is not a full conversion of a mutual company or of a mutual holding company, as otherwise available under chapter 59. Chapter 59 conversions are separate transactions from a reorganization under this chapter, but may occur with or as a result of a reorganization under this chapter if so requested in a plan approved by the commissioner under chapter 59.
(2) A mutual holding company formed under this chapter may demutualize by complying with the applicable provisions of chapter 59.
History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000
Popular Name: Act 218
