Mississippi Legislature

1998 Regular Session

Senate Bill 2332

[Introduced] [Committee Substitute] [Passed Senate] [Sent to Governor]

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History of Actions

Background

Title

Description: Mississippi Mutual Insurance Company Conversion and Reorganization Act; create.

History of Actions:

101/08/98(S)Referred To Insurance
201/23/98(S)Title Suff Do Pass Comm Sub
302/04/98(S)Committee Substitute Adopted
402/04/98(S)Passed
502/06/98(S)Transmitted To House
602/10/98(H)Referred To Insurance
702/18/98(H)Title Suff Do Pass As Amended
803/04/98(H)Amended
903/04/98(H)Passed As Amended
1003/04/98(H)Motion to Reconsider Entered
1103/11/98(H)Motion to Reconsider Tabled
1203/11/98(H)Returned For Concurrence
1303/16/98(S)Decline to Concur/Invite Conf
1403/19/98(S)Conferees Named Kirby,Ross,Farris
1503/20/98(H)Conferees Named Stevens,Bozeman,Green (72nd)
1603/30/98(H)Conference Report Filed
1703/30/98(S)Conference Report Filed
1803/31/98(S)Conference Report Adopted
1903/31/98(H)Conference Report Adopted
2004/03/98(S)Enrolled Bill Signed
2104/03/98(H)Enrolled Bill Signed
2204/20/98Approved by Governor

Background Information:

Effective dateJuly 1, 1998
DispositionLaw
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredNo
Chapter number576

Senate Committee:

House Committee:

Principal Author: Kirby

Additional Authors: White (5th), White (29th), Johnson (19th), Scoper

Title: AN ACT TO CREATE NEW CODE SECTIONS 83-31-101 THROUGH 83-31-181, MISSISSIPPI CODE OF 1972, TO CREATE THE MISSISSIPPI MUTUAL INSURANCE COMPANY CONVERSION, REORGANIZATION AND MERGER ACT; TO DEFINE CERTAIN TERMS; TO AUTHORIZE THE ADOPTION OF A PLAN OF CONVERSION OF A MUTUAL INSURANCE COMPANY INTO A STOCK COMPANY; TO AUTHORIZE THE INSURANCE COMMISSIONER TO TAKE SPECIFIED ACTIONS RELATING TO THE CONVERSION; TO ALLOW AMENDMENT AND WITHDRAWAL OF THE PLAN; TO SET FORTH NOTICE AND HEARING REQUIREMENTS; TO PROVIDE FOR ADOPTION OF THE PLAN; TO REQUIRE CERTAIN FILINGS AFTER CONVERSION; TO SPECIFY CERTAIN PROVISIONS WHICH MUST BE INCLUDED IN EACH PLAN; TO PROVIDE FOR MEMBER SUBSCRIPTION RIGHTS; TO PROVIDE FOR THE SALE OF CAPITAL STOCK; TO AUTHORIZE ALTERNATIVE PLANS OF CONVERSION; TO SET FORTH THE EFFECTIVE DATE OF CONVERSION; TO PROVIDE FOR THE CONTINUED CORPORATE EXISTENCE UPON CONVERSION; TO PROHIBIT CONFLICTS OF INTEREST; TO PROVIDE FOR THE EFFECT OF FAILURE TO GIVE NOTICE; TO SET FORTH THE LIMITATION ON ACTIONS CHALLENGING THE PLAN; TO SET FORTH CONVERSION REQUIREMENTS FOR INSOLVENT MUTUAL COMPANIES; TO SET FORTH THE LAW GOVERNING CONVERTED STOCK COMPANIES; TO ALLOW THE AMENDMENT OF POLICIES UPON CONVERSION; TO AUTHORIZE THE CREATION OF MUTUAL INSURANCE HOLDING COMPANIES; TO AUTHORIZE MISSISSIPPI MUTUAL INSURANCE COMPANIES TO MERGE WITH FOREIGN OR OTHER DOMESTIC MUTUAL INSURANCE COMPANIES; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 05/05/98 at 08:47.



End Of Document

1998/History/SB\SB2332.htm