§ 500.6001

500.6001 Definitions. Sec. 6001. As used in this chapter: (a) 'Converted company' means a Michigan domiciled stock insurance company that results from the reorganization of a mutual company under this chapter. (b) 'Eligible member' means a member whose policy is in force on the date the mutual company's board of directors adopts a plan of reorganization under this chapter. (c) 'Intermediate holding company' means a business corporation subsidiary of a mutual holding company domiciled in this state, any other state, or the District of Columbia that is authorized to issue 1 or more classes of capital stock, the corporate purposes of which include holding directly or indirectly the voting stock of a converted company. (d) 'Member' means a person who, on the records of the mutual company and pursuant to its articles of incorporation or bylaws, is considered to be a holder of a membership interest in the mutual company. A person insured under a group policy is not a member. On and after the effective date of a reorganization under this chapter, member means a member of the mutual holding company created in the reorganization.

nsured under a group policy is not a member. On and after the effective date of a reorganization under this chapter, member means a member of the mutual holding company created in the reorganization. (e) 'Mutual holding company' or 'MHC' means a mutual corporation resulting from a reorganization of a mutual company under this chapter. (f) 'Mutual company' means a domestic mutual insurance company organized under chapter 50, 54, or 58. (g) 'Plan of reorganization' or 'plan' means a plan adopted pursuant to this chapter by the board of directors of a mutual company for the reorganization of the mutual company simultaneously into both a mutual holding company and a converted company existing as a direct or indirect stock subsidiary of the mutual holding company. (h) 'Policy' means a group or individual insurance policy or contract issued by a mutual company. The term policy does not include a certificate of insurance issued in connection with a group policy or contract. (i) 'Policyholder' means the holder of a policy other than a reinsurance contract. History: Add. 2000, Act 8, Imd. Eff. Feb.

ificate of insurance issued in connection with a group policy or contract. (i) 'Policyholder' means the holder of a policy other than a reinsurance contract. History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.Popular Name: Act 218