Michigan Compiled Laws
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-59 - Chapter 59 Conversion of Domestic Mutual Insurer to Domestic Stock Insurer (500.5901...500.5927)

Section 500.5901 - Definitions. - Sec. 5901. As used in this chapter: (a) "Converted stock...

Section 500.5903 - 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; Conf... - Sec. 5903. (1) A mutual company seeking to convert to...

Section 500.5904 - Plan of Conversion; Prohibited Conduct. - Sec. 5904. Prior to the completion of a plan of...

Section 500.5905 - Conversion Plan; Contents; Provisions Applicable to Subscription Rights. - Sec. 5905. (1) The following provisions shall be included in...

Section 500.5907 - Conversion Plan; Provisions Applicable to Operation as Closed Block of Business. - Sec. 5907. (1) The plan shall provide that a mutual...

Section 500.5909 - Acquisition of Capital Stock of Converted Stock Company or Stock of Participating Corporation; Limitations; Prohibitions. - Sec. 5909. (1) The plan shall provide that any person...

Section 500.5911 - Receipt of Subscription Rights by Directors and Officers of Mutual Company. - Sec. 5911. (1) The plan may provide that the directors...

Section 500.5913 - Allocation of Subscription Rights to Employee Benefit Plan. - Sec. 5913. The plan may allocate to a tax-qualified employee...

Section 500.5915 - Adoption of Plan Not Relying on Issuance of Subscription Rights; Alternative Plan; Retaining Qualified Expert; “Eligible Member” and “u.s. Branch” Defined. - Sec. 5915. (1) The board of directors may adopt a...

Section 500.5917 - Effectiveness of Plan; Conditions. - Sec. 5917. A plan is effective when the commissioner has...

Section 500.5919 - Notice of Adoption of Conversion Plan; Right of Member to Rescind or Cancel Policy. - Sec. 5919. (1) All members whose policies become effective after...

Section 500.5921 - Conversion Plan; Continuation of Corporate Existence; Transfer of Rights, Franchises, and Interests; Assumption of Obligations and Liabilities; Service and Election of Directors and Officers. - Sec. 5921. (1) Upon converting a mutual company to a...

Section 500.5923 - Payment of Fee, Commission, or Consideration to Director, Officer, Agent, or Employee; Costs and Expenses. - Sec. 5923. (1) A director, officer, agent, or employee of...

Section 500.5925 - Validity of Actions. - Sec. 5925. (1) If the mutual company complies substantially and...

Section 500.5927 - Petition to Waive Notice and Approval Requirements. - Sec. 5927. (1) If a mutual insurer becomes insolvent, its...