83-31-145 - Definitions applicable to mutual insurance holding company provisions. - Mississippi Statutes

§ 83-31-145. Definitions applicable to mutual insurance holding company provisions.
 

As used in Sections 83-31-145 through 83-31-181, the following items shall have the meaning ascribed herein unless the context indicates otherwise: 
 

(a) "Mutual insurance holding company" means an incorporated entity without permanent capital stock that is organized under Section 83-31-145 et seq. and whose members are determined in accordance with such provisions. 

(b) "Subsidiary insurance company" means a stock insurance company, the majority of the voting shares of the capital stock of which are at all times owned by a mutual insurance holding company. For these purposes, "majority of the voting shares of the capital stock" means shares of the capital stock of a company which carry the right to cast a majority of the votes entitled to be cast by all of the outstanding shares of the capital stock for the election of directors, other than securities having voting power only because of the occurrence of a contingency. The ownership of a majority of the voting shares of the capital stock of a former mutual insurance company reorganized under Sections 83-31-145 through 83-31-181 which voting shares are required by Sections 83-31-145 through 83-31-181 to be at all times owned by a mutual insurance holding company includes indirect ownership through one or more intermediate holding companies. However, indirect ownership through one or more intermediate holding companies shall not result in a mutual insurance holding company owning less than the equivalent of a majority of the voting shares of the capital stock of the former mutual reorganized insurance company. 

(c) "Intermediate holding company" means a holding company which is a subsidiary of a mutual insurance holding company and which directly or through a subsidiary intermediate holding company owns a majority of the voting shares of the capital stock of one or more subsidiary insurance companies. 

(d) "Plan of reorganization" means a plan adopted under Sections 83-31-145 through 83-31-181 by the board of directors of a domestic mutual insurance company to reorganize as provided in Section 83-31-151. 

(e) "Mutual insurance company" means a domestic mutual insurance company formed pursuant to Section 83-31-1 et seq. except for domestic mutual insurance companies that have active life insurance or annuities products in force. 
 

Sources: Laws,  1998, ch. 576, § 22, eff from and after July 1, 1998.