Bill Text: MS HB1448 | 2010 | Regular Session | Introduced

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Bill Title: Industrial insurance company; provide that certain companies may be sold to another insurance company.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2010-02-02 - Died In Committee [HB1448 Detail]

Download: Mississippi-2010-HB1448-Introduced.html

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MISSISSIPPI LEGISLATURE

2010 Regular Session

To: Insurance

By: Representative Robinson

House Bill 1448

AN ACT TO PROVIDE THAT CERTAIN INDUSTRIAL INSURANCE COMPANIES MAY BE SOLD TO ANOTHER INSURANCE COMPANY; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  An industrial insurance company that the Department of Insurance has found to be undercapitalized or its reserves are deficient may be sold to another insurance company.  However, if the ownership of the insurance company is held wholly by another Mississippi corporation that is not in good corporate standing, then the insurance company may be sold by a majority vote of its stockholders and board members unless its bylaws provide otherwise and any proceeds shall be held in escrow by the Department of Insurance or the chancery court in the county where the insurance company is primarily located until the holding company is in good standing.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2010.