Mutual insurance companies

The mutual insurance company shall be deemed to be an acquired company and the insurance public limited company an acquiring company.

A mutual insurance company shall be founded by the founders by adopting and signing the bylaws, and paying the initial capital.

On the basis of an approval from the general meeting, a mutual insurance company may raise additional capital by issuing the subordinate debt instruments referred to in the third paragraph of Article 107 of this Act.

(1) A mutual insurance company shall be dissolved:

(1) An insurance undertaking may be set up in the form of either an insurance public limited company or a mutual insurance company.

(1) A mutual insurance company shall acquire legal personality upon being entered in the companies' register.

(3) A mutual insurance company may perform all insurance business other than reinsurance business.

(1) A mutual insurance company may be transformed into a public limited company on the basis of a resolution adopted by the general meeting.

(2) A mutual insurance company may also perform insurance business for non-members, should this be stipulated in its bylaws.

(2) A mutual insurance company may, if this is explicitly stipulated in its bylaws, also enter into insurance contracts in such a way that by making the contract the policy holder does not acquire the status of a member of the mutual insurance company.

(1) The total assets of a mutual insurance company may, without preceding liquidation, be transferred to an insurance public limited company.

Bodies of a mutual insurance company

Board of directors of a mutual insurance company

(1) A mutual insurance company may only start its operations when the initial capital has been paid in cash.

Dissolution of a mutual insurance company

Founding of a mutual insurance company

Membership of a mutual insurance company

General meeting of a mutual insurance company

Liabilities of a mutual insurance company

Supervisory board of a mutual insurance company

(1) A mutual insurance company must have a supervisory board consisting of at least three members. The bylaws may stipulate that the supervisory board has more than three members but not more than twenty members.

(1) A mutual insurance company shall be a legal entity which, in accordance with the principle of mutuality, performs insurance business for its members, and which has obtained an authorisation from the Insurance Supervision Agency.

Relations between a mutual insurance company and its members

(2) The bylaws of a mutual insurance company must lay down the following:

(1) The board of directors of a mutual insurance company shall be appointed by the supervisory board.

The firm name of a mutual insurance company must contain an element implying that it is a mutual insurance company (" d.v.z. ").

(1) Members shall not be responsible for the mutual insurance company's obligations.

(1) Two or more mutual insurance companies may amalgamate, whereby:

The bodies of a mutual insurance company shall be the board of directors, the supervisory board and the general meeting.

2. the type of insurance business to be performed by the mutual insurance company;

(1) The members of a mutual insurance company shall exercise their rights in the mutual insurance company by means of a general meeting, unless otherwise stipulated by law.

(1) The bylaws of a mutual insurance company must be drawn up in the form of a notarial deed.

(2) A member may not offset his/her obligations to the mutual insurance company as regards the payment of contributions and subsequent payments with his/her claim on the mutual insurance company.

(4) When, following its foundation, a mutual insurance company applies for the authorisation to perform insurance business with regard to additional classes of insurance, the Insurance Supervision Agency shall be obliged to require, as a condition for granting the authorisation, an appropriate increase in the initial capital, if the expenses relating to the start-up of operations with regard to the new classes of insurance cannot be covered otherwise.

the paid up share capital or, in the case of a mutual concern, the effective initial fund,

(1) Membership of a mutual insurance company shall be related to the existence of an insurance contract entered into by the company.

This Directive shall not apply to mutual associations which fulfil all the following conditions:

This Directive does not apply to mutual associations in so far as they fulfil all the following conditions:

(6) With regard to receivers, the provisions relating to the board of directors of a mutual insurance company shall be reasonably applied.

From that moment on, members of the mutual insurance company shall also be shareholders pursuant to the resolution on transformation.

(1) The bylaws must lay down the terms and conditions and the method of providing the funds for financing the mutual insurance company's operations by its members.

(2) Unless otherwise stipulated by the resolution on transformation, the members of the mutual insurance company shall participate in the share capital.

The nominal amount of the share capital must not exceed the value of the mutual insurance company's assets decreased by its obligations.

(2) The minimum initial capital of a mutual insurance company shall be equal to the guarantee fund referred to in the second paragraph of Article 112 of this Act.

If the abovementioned provisions refer to shareholders, these shall, when reference is made to a mutual insurance company, be deemed to be members of the general meeting.

The funds needed to finance the mutual insurance company's operations in an individual year shall be provided by previously-determined contributions (premiums) paid by the members.

(2) The provisions of Articles 246 to 260 of the CA and the provisions of Articles 22 to 28 of this Act shall reasonably apply to the board of directors of the mutual insurance company.

(2) With regard to the transfer of the assets of a mutual insurance company to an insurance public limited company, the provisions of Articles 512 to 529 of the CA shall be reasonably applied.

at least half of the contribution income from the activities covered by this Directive must come from persons who are members of the mutual association.