83-31-149 - Domestic mutual insurance holding company powers and compliance with nonprofit private corporation provisions.
§ 83-31-149. Domestic mutual insurance holding company powers and compliance with nonprofit private corporation provisions.
Domestic mutual insurance holding companies shall have all the powers and authority and shall be subject to the requirements applicable to Mississippi nonprofit private corporations under Section 79-11-101 et seq., except:
(a) A mutual insurance holding company shall be organized exclusively under Sections 83-31-145 through 83-31-181 and shall be a mutual company without capital stock.
(b) The articles of association of the mutual insurance holding company and any amendment to such articles or restatement of such articles shall be subject to the approval of the commissioner for compliance with the provisions of Sections 83-31-145 through 83-31-181 before filing with the Mississippi Secretary of State and shall contain the name of the mutual insurance holding company, which shall include the word "mutual."
(c) To the extent that the provisions of Section 79-11-101 et seq. conflict with the provisions of Sections 83-31-47 or 83-31-101 through 83-31-181, the insurance laws of the State of Mississippi or the regulations of the commissioner, then such provisions of Sections 83-31-47 or 83-31-101 through 83-31-181, the insurance laws of the State of Mississippi or the regulations of the commissioner shall control.
Sources: Laws, 1998, ch. 576, § 24, eff from and after July 1, 1998.