Michigan Laws 500.5901 – Definitions
Current as of: 2023 | Check for updates
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As used in this chapter:
(a) “Converted stock company” means a Michigan domiciled stock insurance company that converted from a Michigan domiciled mutual company or a stock business corporation resulting from conversion of a mutual holding company pursuant to this chapter.
Terms Used In Michigan Laws 500.5901
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Eligible member: except as otherwise provided in section 5915, means a member whose policy is in force on the date the mutual company's board of directors adopts a plan of conversion. See Michigan Laws 500.5901
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- plan: means a plan adopted by a Michigan domestic mutual company's or mutual holding company's board of directors pursuant to this chapter to convert the mutual company into a Michigan domiciled stock company. See Michigan Laws 500.5901
(b) “Eligible member” except as otherwise provided in section 5915, means a member whose policy is in force on the date the mutual company’s board of directors adopts a plan of conversion. A person insured under a group policy is not an eligible member. A person whose policy becomes effective after the board of directors adopts the plan but before the plan’s effective date is not an eligible member but has the rights established under section 5919.
(c) “Plan of conversion” or “plan” means a plan adopted by a Michigan domestic mutual company’s or mutual holding company’s board of directors pursuant to this chapter to convert the mutual company into a Michigan domiciled stock company.