Section 403-F:9 - MembershipI. Membership in a mutual insurance holding company shall be determined in accordance with the mutual insurance holding company's articles of incorporation and bylaws and shall be based upon each member holding a policy of insurance with a subsidiary insurance company. Group certificate holders may also be members of the mutual insurance holding company if specified in the bylaws.II. No member of a mutual insurance holding company may transfer membership or any right arising therefrom.III. A member of a mutual insurance holding company is not, as such, personally liable for the acts, debts, liabilities, or obligations of the company and may not be assessed by the directors of such company.IV. A membership interest in a mutual insurance holding company shall not constitute a security, as defined in RSA 421-B:1-102(53).Amended by 2015 , 273: 15, eff. 1/1/2016.2000, 247:1. 2015, 273 : 15 , eff. Jan. 1, 2016.