Maine § 24-A §3489 Requirements applicable to a mutual holding company

Maine Statutes

§ 24-A §3489 — Requirements applicable to a mutual holding company

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 47 ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS

1.Definitions. As used in section 3488, this section and section 3490, unless the context otherwise indicates, the following terms have the following meanings.

2.Mutual holding company formed through reorganization. The following provisions apply to a mutual holding company.

3.Merger or consolidation by mutual holding company or stock holding company. With the written approval of the superintendent, a mutual holding company or stock holding company may:

4.Merger with another mutual holding company. If a mutual holding company merges with a mutual holding company organized under the laws of another state or acquires the membership interests in a foreign mutual insurer, that merger or acquisition must comply with the requirements of Maine law and rules and of any other state's law, rule

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1.
Definitions.
As used in section 3488, this section and section 3490, unless the context otherwise indicates, the following terms have the following meanings.
2.
Mutual holding company formed through reorganization.
The following provisions apply to a mutual holding company.
3.
Merger or consolidation by mutual holding company or stock holding company.
With the written approval of the superintendent, a mutual holding company or stock holding company may:
4.
Merger with another mutual holding company.
If a mutual holding company merges with a mutual holding company organized under the laws of another state or acquires the membership interests in a foreign mutual insurer, that merger or acquisition must comply with the requirements of Maine law and rules and of any other state's law, rule or regulation that is applicable to the foreign mutual holding company or mutual insurer. In the event of a conflict of state laws, rules or regulations, Maine laws and rules apply. A foreign mutual insurer that is merged or acquired pursuant to this section may at the same time redomesticate to this State by complying with the applicable requirements of this State and of the foreign mutual insurer's state of domicile.
5.
Acquisition of stock or assets of other persons.
A mutual holding company may acquire the capital stock or assets of other persons.
6.
Membership interest.
A membership interest in a mutual holding company does not constitute a security under Title 32, section 16102, subsection 28 or any other law of this State and is not transferable.
7.
Election of directors.
Directors of the mutual holding company must be elected by plurality vote of all members voting in that election in person or by proxy. If the mutual holding company takes any action, other than election of its directors, that would require a vote of policyholders if the mutual holding company were a mutual insurer, then that action requires a vote of members of the mutual holding company.

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