§232.2. Incorporation of a mutual insurance holding company
A. A mutual insurance holding company or an intermediate holding company
resulting from the reorganization of a domestic mutual insurance company under R.S. 22:231
shall be incorporated pursuant to Title 12 of the Louisiana Revised Statutes of 1950, the
Louisiana Business Corporation Act, R.S. 12:1-101 through R.S. 12:1-1705, and shall be
subject to its provisions and other provisions of Title 12 relative to business corporations,
except that:
(1)The articles of incorporation and any amendments thereto shall be prepared in
accordance with R.S. 22:62 or 67 and shall be subject to prior approval of the commissioner
in the same manner as those of a domestic incorporated insurer.
(2)After approval of the commissioner, the articles s
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§232.2. Incorporation of a mutual insurance holding company
A. A mutual insurance holding company or an intermediate holding company
resulting from the reorganization of a domestic mutual insurance company under R.S. 22:231
shall be incorporated pursuant to Title 12 of the Louisiana Revised Statutes of 1950, the
Louisiana Business Corporation Act, R.S. 12:1-101 through R.S. 12:1-1705, and shall be
subject to its provisions and other provisions of Title 12 relative to business corporations,
except that:
(1) The articles of incorporation and any amendments thereto shall be prepared in
accordance with R.S. 22:62 or 67 and shall be subject to prior approval of the commissioner
in the same manner as those of a domestic incorporated insurer.
(2) After approval of the commissioner, the articles showing the approval of the
commissioner shall be filed in the office of the secretary of state.
(3) If the secretary of state finds that the articles have been approved by the
commissioner and that the articles are in compliance with this Subpart and Title 12 of the
Louisiana Revised Statutes of 1950, and after all fees have been paid as required by law, the
secretary of state shall record the articles as filed on the date and time of receipt. After filing
the articles, the secretary of state shall deliver to the corporation or its representative a copy
of the document with an acknowledgment of the date of filing. The secretary of state's filing
of the articles of incorporation shall be conclusive evidence of the fact that the corporation
has been duly incorporated except that in any proceeding brought by the state to annul,
forfeit, or vacate a corporation's franchise, or by the commissioner to prohibit, suspend, or
limit the corporation's right to conduct business as a mutual insurance holding company or
an intermediate holding company, the certificate of incorporation shall be only prima facie
evidence of due incorporation.
(4) Except as provided in R.S. 12:1-203(C), the corporate existence begins, and the
corporation is duly incorporated when the articles of incorporation become effective as
provided in R.S. 12:1-123.
(5) Repealed by Acts 2018, No. 560, §6, eff. May 28, 2018.
B. The commissioner shall retain jurisdiction over a mutual insurance holding
company and an intermediate holding company established pursuant to R.S. 22:231 to protect
policyholders' interests, and the mutual insurance holding company shall be subject to the
requirements of this Subpart and the Insurance Holding Company System Regulatory Law,
R.S. 22:691.1 et seq., to the same extent as any domestic insurer.
C. Any investments of the mutual insurance holding company, other than its
investments in the intermediate holding company or the insurance company reorganized
under R.S. 22:231, shall be subject to the limitations of Subpart B of this Part as if the
mutual insurance holding company were a domestic insurer. A mutual insurance holding
company and an intermediate holding company organized under this Section shall be deemed
an insurer that pays a license tax under Parts I and III of Chapter 3 of this Title, R.S. 22:791
et seq. and R.S. 22:821 et seq., and R.S. 22:831 through 838 and 842 through 846 for the
purposes of R.S. 22:791.
D. Notwithstanding any provision of law to the contrary within the Louisiana
Business Corporation Act, R.S. 12:1-101 through R.S. 12:1-1705, meetings of the mutual
insurance holding company and the exercise of a member's voting rights shall be governed
by R.S. 22:119 through 121 and a written proxy conferred upon another policyholder either
prior to, contemporaneously with, or after a reorganization under R.S. 22:231, shall remain
in force indefinitely until revoked by the member.
E. Neither the mutual insurance holding company nor any intermediate holding
company shall hold a certificate of authority or engage in the business of insurance.