State Codes and Statutes
Statutes > Missouri > T24 > C379 > 379_987Nonapplicability of certain provisions of insurance holding companieslaw--incorporation of mutual holding company, authority,approval--powers of mutual holding company, engaging in businessof insurance, no authority, affiliation and merger agreements.
379.987. 1. Sections 382.040, 382.060 and 382.095, RSMo, are notapplicable to a reorganization or merger pursuant to sections 379.980 to379.988.
2. A mutual holding company organized pursuant to sections 379.980 to379.988 shall be incorporated pursuant to this chapter. The articles ofincorporation and any amendments to such articles of the mutual holdingcompany shall be subject to approval of the director and the attorneygeneral in the same manner as those of a mutual insurance company.
3. A mutual holding company shall have the same powers granted todomestic insurance companies pursuant to chapter 382, RSMo, relating toinsurance holding company systems and shall be subject to its requirementsand provisions and shall have all the powers granted to corporationsorganized pursuant to chapter 351, RSMo. Neither the mutual holdingcompany or any stock holding company created pursuant to sections 379.980to 379.988 shall be an insurer or may engage in the business of insurance.A mutual holding company may enter into an affiliation agreement or amerger agreement either at the time of the reorganization, or at some latertime with the approval of the director, with any mutual insurance companyauthorized to do business in this state. Any such merger agreement mayauthorize participating policyholders of the mutual insurance company tobecome members of the mutual holding company. Any such affiliationagreement or merger agreement is subject to the insurance laws of thisstate relating to such transactions entered into by a domestic mutualinsurance company.
(L. 1996 S.B. 759)
