83-31-169 - Membership requirements. - Mississippi Statutes

§ 83-31-169. Membership requirements.
 

(1)  Membership in a mutual insurance holding company shall be determined in accordance with the mutual insurance holding company's articles of association and bylaws and, subject to such exceptions as are set forth in the articles of association or bylaws, shall be based upon each member's holding a policy of insurance with a subsidiary insurance company. 

(2)  Any person, public or private corporation, board, association, firm, estate, trustee or fiduciary may be a member of a mutual insurance holding company. 

(3)  No member of a mutual insurance holding company may transfer membership or any right arising therefrom. 

(4)  A member of a mutual insurance holding company is not, as such, personally liable for the acts, debts, liabilities or obligations of the company and may not be assessed by the directors of such company. 

(5)  A membership interest in a mutual insurance holding company shall not constitute a security as defined by Section 75-71-105 and shall not be subject to any requirements of the Mississippi Securities Act, Section 75-71-101 et seq. 
 

Sources: Laws,  1998, ch. 576, § 34, eff from and after July 1, 1998.