MCL - 218-1956-59
Act 218 of 1956
CONVERSION OF DOMESTIC MUTUAL INSURER TO DOMESTIC STOCK INSURER
| Document | Type | Description |
|---|---|---|
| Section 500.5901 | Section | Definitions. |
| Section 500.5903 | Section | Conversion plan; vote to amend or withdraw; submission of documents to commissioner; time period for approval or disapproval; conditions; review by qualified expert; notice of meeting; vote; adoption; filing certain documents; confidentiality. |
| Section 500.5904 | Section | Plan of conversion; prohibited conduct. |
| Section 500.5905 | Section | Conversion plan; contents; provisions applicable to subscription rights. |
| Section 500.5907 | Section | Conversion plan; provisions applicable to operation as closed block of business. |
| Section 500.5909 | Section | Acquisition of capital stock of converted stock company or stock of participating corporation; limitations; prohibitions. |
| Section 500.5911 | Section | Receipt of subscription rights by directors and officers of mutual company. |
| Section 500.5913 | Section | Allocation of subscription rights to employee benefit plan. |
| Section 500.5915 | Section | Adoption of plan not relying on issuance of subscription rights; alternative plan; retaining qualified expert; “eligible member” and “U.S. branch” defined. |
| Section 500.5917 | Section | Effectiveness of plan; conditions. |
| Section 500.5919 | Section | Notice of adoption of conversion plan; right of member to rescind or cancel policy. |
| Section 500.5921 | Section | Conversion plan; continuation of corporate existence; transfer of rights, franchises, and interests; assumption of obligations and liabilities; service and election of directors and officers. |
| Section 500.5923 | Section | Payment of fee, commission, or consideration to director, officer, agent, or employee; costs and expenses. |
| Section 500.5925 | Section | Validity of actions. |
| Section 500.5927 | Section | Petition to waive notice and approval requirements. |