Hastings Mutual Insurance Company has submitted a Plan of Reorganization with the Michigan Department of Insurance and Financial Services seeking approval to restructure into a mutual holding company structure.
HMIC plans to complete the following stops:
- HMIC will form Hastings Mutual Holding Company as a Michigan mutual holding company and Hastings Holdings, Inc. (HHI) as a Michigan corporation
- HMIC will convert to a Michigan stock insurance company and change its name to Hastings Insurance Company (Converted HMIC)
- HHI will be issued 100% of the initial shares of voting stock of Converted HMIC and Converted HMIC would become wholly-owned by HHI
- HMHC will be issued 100% of the initial shares of voting stock of HHI and HHI would become wholly-owned by HMHC
- All membership interests in HMIC will be extinguished and replaced with membership interests in HMHC.
Policyholders with membership interests in HMIC on the effective date will become members of HMHC.
As part of the proposed conversion, HMIC is requesting a hearing where the Michigan insurance commissioner shall approve the plan upon finding the plane fair and equitable to the interests of the policyholders.
A public hearing is scheduled for Oct. at 10 a.m. EST.
Source: State of Michigan Department of Financial and Insurance Services
Topics Michigan
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