376.1322. Mutual holding company subject to supervision of director, dissolution or liquidation — demutualization.
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/mo/chapter-376/376-1322A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
376.1322. Mutual holding company subject to supervision of director, dissolution or liquidation — demutualization. — 1. A mutual holding company is subject to the supervision of the director of the department of commerce and insurance in the same manner as an insurer subject to the provisions of this chapter and shall automatically be a party to any proceeding pursuant to the Missouri insurers supervision, rehabilitation and liquidation act, sections 375.1150 to 375.1246 , involving a life insurance company which, as a result of a reorganization pursuant to section 376.1300 , is a subsidiary of the mutual holding company or a stock holding company created pursuant to section 376.1307 .
In any proceeding pursuant to sections 375.1150 to 375.1246 involving the reorganized life insurance company, the assets of the mutual holding company are deemed to be assets of the estate of the reorganized life insurance company for purposes of satisfying the claims of the reorganized life insurance company's policyholders. A mutual holding company shall not dissolve or liquidate without the approval of the director of the department of commerce and insurance or as ordered by the court pursuant to sections 375.1150 to 375.1246 .
2. Sections 375.201 to 375.226 shall apply to a demutualization of a mutual holding company the same as if such holding company was a mutual life insurance company. This section does not apply to those companies organized under chapter 354 or chapter 355 and does apply only to for-profit mutual life insurance companies.
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(L. 1996 S.B. 759)