PURPOSE: This rule 20 CSR 200-16.010 and rules 20 CSR 200-16.020 through 20 CSR 200-16.130 prescribe procedures to be followed in the demutualization of a mutual life insurance holding company organized pursuant to sections 376.1300 to 376.1322, RSMo, as specifically authorized in sections 376.1322.2 and 375.201 to 375.226, RSMo.

Upon compliance with the requirements and completion of the proceedings and pursuant to a plan of conversion approved by members and the director of the Department of Insurance, all as prescribed by this Chapter 20 CSR 16, a mutual life insurance holding company organized pursuant to sections 376.1300 to 376.1322, RSMo, which may hereinafter be referred to as a mutual holding company, may demutualize by converting into a stock corporation. Such conversion may be carried out through any method or combination of methods approved by the director, including, but not limited to, transfer, assumption, exchange, acquisition, contribution, conversion, liquidation, dissolution, or other transaction or transactions set forth in the plan.

AUTHORITY: section 374.045, RSMo Supp. 1998.* Original rule filed March 1, 1999, effective Aug. 30, 1999.

*Original authority 374.045, RSMo 1967, amended 1993, 1995.