8019 – Conversion of Mutual Holding Company.
§ 8019. Conversion of mutual holding company. (a) A mutual holding company may reorganize in accordance with a plan of reorganization which is fair and equitable to the company’s members and is: (1) adopted by action of three-fourths of its entire board of directors; (2) approved by the superintendent if found by the superintendent to […]
8010 – Effect of Reorganization.
§ 8010. Effect of reorganization. Upon the effective date of a plan of reorganization in accordance with section eight thousand nine of this article: (a) the reorganizing insurer shall immediately become a domestic stock life insurer; (b) the members of the reorganizing insurer on the effective date shall immediately become members of the mutual holding […]
8001 – Definitions.
§ 8001. Definitions. As used in this article, the following terms shall have the following meanings: (a) “Adoption date” means the date the board of directors of the mutual life insurer adopts the plan of reorganization. (b) “Beneficial ownership” with respect to any security, means the sole or shared power to vote or direct the […]
8002 – Reorganization of Mutual Life Insurer Through Formation of a Mutual Holding Company; Contents of Plan.
§ 8002. Reorganization of mutual life insurer through formation of a mutual holding company; contents of plan. (a) A mutual life insurer having on the adoption date admitted assets of less than ten billion dollars may be reorganized as a domestic stock life insurer with a mutual holding company by complying with the requirements of […]
8003 – Dividend Practices.
§ 8003. Dividend practices. (a) Following the effective date of the plan, the reorganized insurer may, with respect to its participating individual policies and contracts, either: (1) continue the dividend practices of the reorganizing insurer; (2) continue the dividend practices of the reorganizing insurer and adopt such other dividend practices as, at the effective date […]
8004 – Adoption of Plan; Submission of Plan to the Superintendent.
§ 8004. Adoption of plan; submission of plan to the superintendent. (a) A mutual life insurer seeking to reorganize under this article shall, by action of three-fourths of its entire board of directors, adopt a plan consistent with the provisions of sections eight thousand two and eight thousand three of this article which is fair […]
8005 – Amendment or Withdrawal of Plan.
§ 8005. Amendment or withdrawal of plan. At any time before the plan of reorganization becomes effective as provided in section eight thousand nine of this article, the reorganizing insurer may, by resolution of a three-fourths majority of its entire board of directors, amend the plan of reorganization or withdraw the plan of reorganization. In […]
8006 – Consultants.
§ 8006. Consultants. The superintendent may appoint one or more consultants as the superintendent shall reasonably deem necessary to advise the superintendent in making the determination whether the proposed plan of reorganization meets the applicable requirements of this article. The reorganizing insurer shall be responsible for the reasonable fees and expenses of any such consultants. […]
8007 – Approval of Plan by Superintendent; Hearing.
§ 8007. Approval of plan by superintendent; hearing. The superintendent shall order a public hearing on the plan to be held prior to the plan being submitted to the policyholders for their approval. The reorganizing insurer shall give written notice of the hearing to policyholders whose policies or contracts are in force on the adoption […]
8008 – Approval of Plan by Policyholders.
§ 8008. Approval of plan by policyholders. (a) A proposal to approve the plan of reorganization shall be submitted to policyholders for approval. The policyholders entitled to notice of and to vote upon the proposal shall be the holders of policies or contracts which are in force on the adoption date. The reorganizing insurer shall […]