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2017 Mississippi Code
Title 83 - Insurance
Chapter 31 - Mutual Companies
Mississippi Mutual Insurance Company Conversion, Reorganization and Merger Act
§ 83-31-105. Conversion plan adoption and approval
Universal Citation: MS Code § 83-31-105 (2017)
- (1) A mutual insurance company that seeks to convert to a stock company must adopt, by the affirmative vote of not less than two-thirds (2/3) of the members of its board of directors, a conversion plan consistent with the requirements of Sections 83-31-101 through 83-31-143. A mutual insurance company may not engage in the business of insurance as a stock company until it complies with the requirements of Sections 83-31-101 through 83-31-143.
- (2) Before the eligible members of a mutual insurance company may vote on approval of a conversion plan, the mutual insurance company must comply with Section 83-31-107 and other applicable requirements under Sections 83-31-101 through 83-31-143.
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