Mississippi Code Title 83. Insurance § 83-31-119

(1) Except for an alternative plan under Section 83-31-127, each conversion plan must specify the subscription rights of eligible members.

(2) The plan must include a provision that:

(3) As an alternative to subscription rights in the converted stock company, the conversion plan may provide that each eligible member is to receive, without payment by the member, nontransferable subscription rights to purchase a portion of the capital stock of one of the following:

(4) The conversion plan must provide that the subscription rights are allocated in whole shares among the eligible members using a fair and equitable method, with such exceptions and other terms and conditions as the commissioner may approve. The method may consider, but is not required to consider, how the different classes of policies of the eligible members contributed to the surplus of the mutual insurance company or any other factors that may be fair or equitable as determined by the board of directors.

(5) The conversion plan must provide a fair and equitable means for allocating shares of capital stock in the event of an oversubscription to shares by eligible members exercising subscription rights under this section.

(6) Notwithstanding any other provision of Section 83-31-47 or 83-31-101 through 83-31-181 to the contrary, no officer, director or employee of any insurer reorganizing under any provision of Section 83-31-47 or 83-31-101 through 83-31-181 shall be eligible to receive subscription rights to, purchase or acquire any stock in the reorganized stock insurance company under any plan except in accordance with his rights as an eligible member, and then he shall receive only such rights as are received by other similarly situated eligible members.