628.727 Membership.—(1) Membership in a mutual insurance holding company shall be determined in accordance with the mutual insurance holding company’s articles of incorporation and bylaws and be based upon each member holding a policy of insurance with a subsidiary insurance company or a health maintenance contract with a subsidiary health maintenance organization. Group certificateholders may also be members of the mutual insurance holding company if specified in the bylaws. The articles of incorporation and bylaws may provide for one or more classes of members and may restrict the voting or other rights of a class of policyholders of a nonprofit health care plan from receiving distributions pursuant to this chapter if the assets of the nonprofit health care plan may not be treated as assets available for distribution.(2) Any person, public or private corporation, board, association, firm, estate, trustee, or fiduciary may be a member of a mutual insurance holding company. However, the state or any county or municipality may not participate as a member in the profits of any mutual insurance holding company.(3) No member of a mutual insurance holding company may transfer owever, the state or any county or municipality may not participate as a member in the profits of any mutual insurance holding company.(3) No member of a mutual insurance holding company may transfer membership or any right arising therefrom.(4) A member of a mutual insurance holding company is not, as such, personally liable for the acts, debts, liabilities, or obligations of the company and may not be assessed by the directors of such company.(5) A membership interest in a mutual insurance holding company shall not constitute a security as defined by s. 517.021.History.—s. 1, ch. 97-216; s. 3, ch. 2003-76; s. 8, ch. 2013-125.
Florida Legal Code