20-482. Definitions In this article, unless the context otherwise requires: 1. " Board" means the board of directors of a converting mutual insurer. 2. " Conversion" means a process by which a domestic mutual insurer is converted to a domestic stock insurer as part of a reorganization. 3. " Converted stock insurer" means a domestic […]
20-482.01. Effect of reorganization A. On the effective date of a plan of reorganization, all of the following occur: 1. The converting mutual insurer becomes a converted stock insurer. The amended or restated articles of incorporation and bylaws of the converting mutual insurer shall be filed with the director as part of the plan and […]
20-482.02. Required filings; approval by director and members A. A domestic mutual insurer may engage in a conversion as part of a reorganization as a mutual holding company, only if the board passes a resolution that the reorganization is fair and equitable to the policyholders and adopts a plan that meets the requirements of this […]
20-482.03. Required plan contents A plan of reorganization of a domestic mutual insurer shall include all of the following: 1. A statement of the reasons for the proposed action. 2. A description of how the plan will be carried out, including any transaction included within the plan and a description of any mutual holding company, […]
20-482.04. Plan review and approval; general provisions; hearing A. The director shall review a plan of reorganization that is submitted to the director. On review, the director shall approve the plan if the director finds all of the following: 1. The applicable provisions of this article, and other applicable provisions of law, have been fully […]
20-482.05. Status of mutual holding company as corporation; status of insurer; rights and obligations of members; voting; articles of incorporation A. A mutual holding company is not an insurer for the purposes of this title, except that sections 20-704, 20-713, 20-713.01, 20-714, 20-716, 20-723, 20-730, 20-733 and 20-735 apply to a mutual holding company as […]
20-482.06. Concurrent reorganization with a domestic or foreign mutual insurer The concurrent reorganization of a domestic mutual insurer with one or more mutual insurers, domestic or foreign, into a single mutual insurance holding company, whether domestic or foreign, may be accomplished by a joint application and a joint plan of reorganization and may be approved […]
20-482.07. Foreign mutual insurer reorganization; definition A. A foreign mutual insurer organized under the laws of any other state, that, if a domestic corporation, would be organized under section 20-709, may reorganize by merging its policyholders’ membership interests into an existing domestic mutual holding company in accordance with the requirements of any other law or […]
