376.1322. Mutual holding company subject to supervision of director, dissolution or liquidation--demutualization. - Missouri Statutes

Mutual holding company subject to supervision of director, dissolutionor liquidation--demutualization.

376.1322. 1. A mutual holding company is subject to the supervision ofthe director of the department of insurance, financial institutions andprofessional registration in the same manner as an insurer subject to theprovisions of this chapter and shall automatically be a party to anyproceeding pursuant to the Missouri insurers supervision, rehabilitation andliquidation act, sections 375.1150 to 375.1246, RSMo, involving a lifeinsurance company which, as a result of a reorganization pursuant to section376.1300, is a subsidiary of the mutual holding company or a stock holdingcompany created pursuant to section 376.1307. In any proceeding pursuant tosections 375.1150 to 375.1246, RSMo, involving the reorganized life insurancecompany, the assets of the mutual holding company are deemed to be assets ofthe estate of the reorganized life insurance company for purposes ofsatisfying the claims of the reorganized life insurance company'spolicyholders. A mutual holding company shall not dissolve or liquidatewithout the approval of the director of the department of insurance, financialinstitutions and professional registration or as ordered by the court pursuantto sections 375.1150 to 375.1246, RSMo.

2. Sections 375.201 to 375.226, RSMo, shall apply to a demutualizationof a mutual holding company the same as if such holding company was a mutuallife insurance company. This section does not apply to those companiesorganized under chapter 354, RSMo, or chapter 355, RSMo, and does apply onlyto for-profit mutual life insurance companies.

(L. 1996 S.B. 759)