Michigan Compiled Laws
218-1956-59 - Chapter 59 Conversion of Domestic Mutual Insurer to Domestic Stock Insurer (500.5901...500.5927)
Section 500.5917 - Effectiveness of Plan; Conditions.

Sec. 5917.
A plan is effective when the commissioner has approved the plan, the eligible members have approved the plan, and the revised articles of incorporation have been adopted.
History: Add. 1995, Act 215, Imd. Eff. Nov. 29, 1995 Popular Name: Act 218

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 500 - Insurance Code of 1956

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.

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...

Section 500.5904 - Plan of Conversion; Prohibited Conduct.

Section 500.5905 - Conversion Plan; Contents; Provisions Applicable to Subscription Rights.

Section 500.5907 - Conversion Plan; Provisions Applicable to Operation as Closed Block of Business.

Section 500.5909 - Acquisition of Capital Stock of Converted Stock Company or Stock of Participating Corporation; Limitations; Prohibitions.

Section 500.5911 - Receipt of Subscription Rights by Directors and Officers of Mutual Company.

Section 500.5913 - Allocation of Subscription Rights to Employee Benefit Plan.

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.

Section 500.5917 - Effectiveness of Plan; Conditions.

Section 500.5919 - Notice of Adoption of Conversion Plan; Right of Member to Rescind or Cancel Policy.

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.

Section 500.5923 - Payment of Fee, Commission, or Consideration to Director, Officer, Agent, or Employee; Costs and Expenses.

Section 500.5925 - Validity of Actions.

Section 500.5927 - Petition to Waive Notice and Approval Requirements.