376.1305. Formation of holding company, application--shareholder approval. - Missouri Statutes

Formation of holding company, application--shareholder approval.

376.1305. 1. A mutual life insurance company proposing to reorganizepursuant to sections 376.1300 to 376.1322 shall form a mutual life insuranceholding company, which may hereafter be referred to as a mutual holdingcompany, and shall file an application with the director of the department ofinsurance, financial institutions and professional registration which shallcontain such insurer's plan of reorganization. The director shall review theapplication, and may retain such consultants as may be reasonably necessary,at the expense of the applicant; conduct an adequate review to assure thatpolicyholders' interests are protected and may conduct a public hearing. Thedirector shall approve the formation of the mutual holding company and theplan of reorganization if the director finds that the plan is fair andequitable to the policyholders. The director may condition such approval onadoption of modifications to the plan if the director finds such modificationsare necessary for the protection of the policyholders' interests.

2. No mutual life insurance company may reorganize pursuant to sections376.1300 to 376.1322 unless the reorganization plan is approved by a majorityof the policyholders voting in person or by proxy at a special meeting calledfor that purpose. Any group of at least one hundred policyholders having aright to vote at such special meeting shall be entitled at their own expenseto have the secretary of the company mail informational materials to allpolicyholders provided that such materials and the cost thereof are presentedto the secretary at least forty-five days before the special meeting.

(L. 1996 S.B. 759)