Missouri § 378.615 Conversion to mutual life insurance company, allowed when.

Missouri Statutes

§ 378.615 — Conversion to mutual life insurance company, allowed when.

Missouri § 378.615

Title XXIVBUSINESS AND FINANCIAL INSTITUTIONS

Ch. 378Fraternal Benefit Societies

This text of Missouri § 378.615 (Conversion to mutual life insurance company, allowed when.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 378.615 (2026).

Text

1.Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the insurance laws of this state for mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of directors, setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of such plan.

2.No such conversion shall take effect unless and until approved by the director, who may give such approval if the director finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.

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1. Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the insurance laws of this state for mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of directors, setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of such plan.

2. No such conversion shall take effect unless and until approved by the director, who may give such approval if the director finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.