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 Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff.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
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-60 - Chapter 60 Reorganization of Mutual Insurers (500.6001...500.6031)
Section 500.6001 - Definitions.
Section 500.6003 - Reorganization of Mutual Company; Formation.
Section 500.6005 - Reorganization Plan; Adoption; Amendment; Withdrawal.
Section 500.6007 - Reorganization Plan; Contents.
Section 500.6009 - Reorganization Plan; Operation and Support of Closed Block of Business.
Section 500.6015 - Documents to Be Filed After Plan Approval.
Section 500.6017 - Mutual Holding Company; Articles of Incorporation.
Section 500.6019 - Reorganization Plan; Conditions for Plan to Take Effect.
Section 500.6023 - Membership Interest in Mutual Holding Company.
Section 500.6025 - Mutual Holding Company; Powers and Duties.
Section 500.6027 - Transfer, Assignment, or Diversion of Business From Converted Business.