44-6124. Terms, defined.

189 words·~1 min read·/ne/chapter-44/44-6124

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

For purposes of the Mutual Insurance Holding Company Act:

(1)Director means the Director of Insurance;

(2)Intermediate stock holding company means a holding company of which at least a majority of the voting securities are owned by a mutual insurance holding company and which, directly or indirectly, owns all of the voting securities of a reorganized stock insurer;

(3)Mutual insurance holding company means a holding company based on a mutual plan which at all times owns, directly or indirectly, a majority of the voting securities of one or more intermediate stock holding companies or, if no such intermediate stock holding company exists, which owns a majority of the voting securities of a reorganized stock insurer;

(4)Reorganized stock insurer means a stock insurer subsidiary which results from a reorganization of a domestic mutual insurer pursuant to subsection

(1)or

(2)of section 44-6125 and in compliance with the act; and

(5)Voting securities means securities of any class or any ownership interest having voting power for the election of directors, trustees, or management, other than securities having voting power only because of the occurrence of a contingency.