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Senate Bill 0033

Senate Bill 0033

ARCHIVE (2000)

Latest Information

DIGEST OF SB 33 (Updated November 23, 1999 3:05 PM - DI 84)

Mutual insurance holding companies. Establishes a mechanism under which a mutual insurance company (MIC) may reorganize as a mutual insurance holding company (MIHC). Requires the MIC to submit a plan of reorganization for approval by the commissioner of the department of insurance. Requires a public hearing and notice to members of the MIC regarding the reorganization. Requires a two-thirds vote in favor of the reorganization by those members voting. Specifies rules for the operation of the MIHC, including limits on the issuance and ownership of stock associated with the MIHC.
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