Section 500.6003 - Reorganization of mutual company; formation.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.6003 Reorganization of mutual company; formation.
Sec. 6003.
(1) Upon approval of the commissioner, a mutual company may reorganize by forming simultaneously a mutual holding company and converting the mutual company into a direct or indirect stock subsidiary of the mutual holding company. Unless otherwise specifically requested in a plan of reorganization filed with the commissioner, reorganization under this chapter is not a full conversion of a mutual company or of a mutual holding company, as otherwise available under chapter 59. Chapter 59 conversions are separate transactions from a reorganization under this chapter, but may occur with or as a result of a reorganization under this chapter if so requested in a plan approved by the commissioner under chapter 59.
(2) A mutual holding company formed under this chapter may demutualize by complying with the applicable provisions of chapter 59.
History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000
Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.
Popular Name: Act 218