376.1318. Powers of mutual holding company, engaging in business of insurance, no authority, affiliation and merger agreements.
Powers of mutual holding company, engaging in business of insurance,no authority, affiliation and merger agreements.
376.1318. A mutual holding company shall have the same powers grantedto domestic insurance companies pursuant to chapter 382, RSMo, relating toinsurance holding company systems, and shall be subject to the requirementsand provisions of such chapter and shall have all the powers granted tocorporations organized pursuant to chapter 351, RSMo. Neither the mutualholding company nor any stock holding company created pursuant to sections376.1300 to 376.1322 shall be an insurer or shall have the authority toengage in the business of insurance. A mutual holding company may enterinto an affiliation agreement or a merger agreement either at the time ofreorganization, or at some later time with the approval of the director,with any mutual life insurance company authorized to do business in thisstate. Any such merger agreement may authorize participating policyholdersof the mutual life insurance company to become members of the mutualholding company. Any such affiliation agreement or merger agreement issubject to the insurance laws of this state relating to such transactionsentered into by a domestic mutual life insurance company.
(L. 1996 S.B. 759)