Find Laws Find Lawyers Free Legal Forms USA State Laws

FLORIDA STATUTES AND CODES

628.709 Formation of a mutual insurance holding company.

628.709 Formation of a mutual insurance holding company.

   (1) A domestic mutual insurance company, other than a mutual insurer that issued assessable policies as a mutual insurer and which held a certificate of authority in this state on July 1, 1997, may, pursuant to a plan of reorganization, reorganize as a mutual insurance holding company system that must consist of a mutual insurance holding company and one or more controlled subsidiaries and which may consist of one or more intermediate stock holding companies and other subsidiaries. The reorganization may be effected by the organization of one or more companies, amendment or restatement of the articles of incorporation and bylaws of one or more companies, transfer of assets and liabilities among two or more companies, issuance, acquisition or transfer of capital stock of one or more companies, or merger or consolidation of two or more companies. On and after the effective date of a plan of reorganization, the mutual insurance holding company shall at all times have the power, directly or indirectly, to cast at least a majority of the votes for the election of the board of directors of each controlled subsidiary and any intermediate stock holding company.

   (2) All of the initial shares of the capital stock of the insurance company which reorganized as a subsidiary insurance company shall be issued either to the mutual insurance holding company, or to an intermediate holding company which is wholly owned by the mutual insurance holding company. This restriction does not preclude the subsequent issuance of additional shares of stock by the subsidiary insurance company so long as the mutual insurance holding company at all times owns directly or through one or more intermediate holding companies, a majority of the voting shares of the capital stock of the subsidiary insurance company. The membership interests of the policyholders of the subsidiary insurance company shall become membership interests in the mutual insurance holding company. Policyholders of the subsidiary insurance company which was formerly the mutual insurer shall be members of the mutual insurance holding company in accordance with the articles of incorporation and bylaws of the mutual insurance holding company. At the time of formation, policyholders of any other subsidiary insurance company of the mutual insurance holding company shall not be members of the mutual insurance holding company unless:

   (a) They are policyholders of a subsidiary which was a mutual insurer which merged with the holding company pursuant to s. 628.715; or

   (b) They are policyholders of an affiliated stock insurance company, provided such policyholders were members of the mutual insurance company at the time the mutual insurance company policies were assumed by the affiliated stock insurance company and the assumption occurred in connection with the conversion.

Subsequent to formation, membership shall be governed by s. 628.727.

History. s. 1, ch. 97-216; s. 2, ch. 2003-76; s. 27, ch. 2004-374.

Florida Forms by Issue

Florida Court Forms
> Criminal
> Probate
> Civil (County)
> Civil (District)
> Dispute
Florida Divorce Forms
Florida Emancipation Forms
Florida Family Forms
Florida Guardianship Forms
Florida Tax Forms

Florida Law

Florida State Laws
    > Florida Administrative Code
    > Florida Child Support
    > Florida Gun Laws
    > Florida Statutes
Florida State
    > Florida Counties
    > Florida Senators
    > Florida Zip Codes
Florida Tax
    > Florida Sales Tax
    > Florida State Tax
Florida Labor Laws
    > Florida Minimum Wage
    > Florida Unemployment
Florida Agencies
    > Better Business Bureau Florida
    > Florida Child Support
    > Florida Child Support Payments
    > Florida Department of Corrections
    > Florida Department of Health
    > Florida Department of Law Enforcement
    > Florida Department of Transportation
    > Florida Division of Corporations
    > Florida DMV
    > Florida Medicaid
    > Florida Secretary of State
    > Florida Secretary of State Corporations

Florida Court Map

Tips