Missouri Revised Statutes













Chapter 379

Insurance Other Than Life

←379.987

Section 379.988.1

379.1300→

August 28, 2015

Mutual holding company subject to supervision of director, dissolution or liquidation--demutualization.

379.988. 1. A mutual holding company is subject to supervision of the

director 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

sections 375.1150 to 375.1246 involving an insurance company which, as a

result of a reorganization pursuant to sections 375.1150 to 375.1246, is a

subsidiary of the mutual holding company or a stock holding company created

pursuant to section 379.982. In a proceeding pursuant to sections 375.1150

to 375.1246 involving the reorganized insurance company, the assets of the

mutual holding company are deemed to be assets of the estate of the

reorganized insurance company for purposes of satisfying the claims of the

reorganized company's policyholders. A mutual holding company shall not

dissolve or liquidate without the approval of the director or as ordered by

the court pursuant to sections 375.1150 to 375.1246.



2. Sections 375.201, 375.206, 375.216, 375.221 and 375.226 are applicable

to a demutualization of a mutual holding company as if it were a mutual

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

property and casualty insurance companies.



(L. 1996 S.B. 759)







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