83-31-103 - Definitions.
§ 83-31-103. Definitions.
As used in Sections 83-31-101 through 83-31-143, the following terms shall have the meaning ascribed herein unless the context indicates otherwise:
(a) "Conversion plan" means a plan adopted under Sections 83-31-101 through 83-31-143 by the board of directors of a domestic mutual insurance company to convert the mutual insurance company into a stock company.
(b) "Converted stock company" means a domestic stock insurance company that has converted under Sections 83-31-101 through 83-31-143 from a domestic mutual insurance company.
(c) "Eligible member" means a member of a mutual insurance company whose policy is in force on the date that the mutual insurance company's board of directors adopts a conversion plan. The term does not include a person whose policy becomes effective after the date that the board of directors adopts the conversion plan but before the conversion plan's effective date.
(d) "Mutual insurance company" means a domestic mutual insurance company formed under Section 83-31-1 et seq. except for domestic mutual insurance companies that have active life insurance or annuities products in force.
(e) "Participating policy" means a policy that grants a holder the right to receive dividends or other distributions if, as and when, declared by the mutual insurance company that issued such policy.
(f) "Stock company" means a domestic stock insurance company subject to Section 83-19-1 et seq.
Sources: Laws, 1998, ch. 576, § 2, eff from and after July 1, 1998.