Securities Law Updates | New Releases/No Action Letters
December 17, 2009
SEC Issues No-Action Letter to Amerisure Relating to its Move to Become a Stock Insurance Company
No-Action Letter to Amerisure Mutual Insurance Company
Section 2(a)(1) of Securities Act of 1933 – Definition of a security, 5/13/2009
The Division of Corporate Finance (“DCF”) of the Securities and Exchange Commission (“SEC”) has issued a no-action letter to Amerisure Mutual Insurance Company, a Michigan mutual property and casualty insurance company (“AMIC”) in connection with AMIC’s proposed reorganization from a mutual insurance company to a stock insurance company (“SIC”) ultimately controlled by a mutual insurance holding company (“MIHC”) through an intermediate holding company (“IHC”).
Specifically, the DCF held that it “will not recommend enforcement action to the Commission if, in reliance on your opinion of counsel that membership interests in the Mutual Insurance Holding Company are not securities within the meaning…
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