Missouri Revised Statutes













Chapter 376

Life, Health and Accident Insurance

←376.1307

Section 376.1309.1

376.1312→

August 28, 2015

Member's interest--nontransference of membership--immunity from liability--assessments, not imposed--security, membership interest.

376.1309. 1. The membership interest of the policyholders of a

reorganized life insurance company shall become membership interests in the

mutual holding company. Policyholders of the reorganized life insurance

company shall be members of the mutual holding company in accordance with the

articles of incorporation and bylaws of the mutual holding company and the

applicable provisions of this chapter relating to mutual life insurance

companies.



2. No member of a mutual holding company may transfer membership in the

holding company or any right arising from such membership.



3. A member of a mutual holding company is not, as a member, personally

liable for the acts, debts, liabilities or obligations of the company.



4. No assessments of any kind may be imposed upon the members of a

mutual holding company by the directors or members, or because of any

liability of any company owned or controlled by the mutual holding company or

because of any act, debt or liability of the mutual holding company itself.



5. A membership interest in a domestic mutual holding company shall not

constitute a security under the laws of this state.



(L. 1996 S.B. 759)







Top



Missouri General Assembly



Copyright © Missouri Legislature, all rights reserved.