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 […]
8011 – Corporate Existance.
§ 8011. Corporate existence. (a) The reorganized insurer shall be a continuation of the reorganizing insurer, and the reorganization shall in no way annul, modify or change any of such insurer’s existing suits, rights, contracts or liabilities except as provided in the approved plan of reorganization. All rights, franchises and interests of the reorganizing insurer […]
8012 – Directors and Officers.
§ 8012. Directors and officers. Except as otherwise provided in the plan of reorganization and subject to subsection (d) of section eight thousand seventeen of this article, the directors and officers of the reorganizing insurer shall serve as directors and officers of the reorganized insurer, any stock holding company and the mutual holding company until […]
8013 – Notice of Proposed Reorganization.
§ 8013. Notice of proposed reorganization. (a) In addition to the notices given pursuant to section eight thousand eight of this article, the reorganizing insurer shall give written notice of the pendency of the proposed reorganization and of the effect thereof to all persons to whom the reorganizing insurer delivers policies or contracts which are […]
8014 – Failure to Give Notice.
§ 8014. Failure to give notice. If the reorganizing insurer complies substantially and in good faith with the requirements of this article with respect to the giving of any required notice to policyholders, its failure in any case to give such notice to any person or persons entitled thereto shall not impair the validity of […]
8015 – Limitations of Actions; Security.
§ 8015. Limitations of actions; security. (a) Notwithstanding any other provision of law to the contrary and except as otherwise provided in subsection (c) or (d) of this section, actions concerning or arising out of any plan of reorganization, proposed plan of reorganization, plan amendment or proposed plan amendment under this article or any acts […]
8016 – Prohibited Transactions by Officers, Directors and Employees.
§ 8016. Prohibited transactions by officers, directors and employees. No director, officer, agent or employee of the reorganizing insurer shall receive any fee, commission or other valuable consideration whatsoever, other than regular salary and compensation, for in any manner aiding, promoting or assisting in the reorganization except as set forth in the plan approved by […]
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 […]