403-B:1 Application of Chapter. – A mutual insurance company organized under the laws of this state, other than an assessment mutual, may convert into a stock insurance company upon compliance with the provisions of this chapter. Source. 1992, 288:16, eff. May 18, 1992.
403-B:2 Definitions. – In this chapter: I. "Commissioner" means the insurance commissioner. II. "Conversion value" means the amount of the insurer’s policyholder surplus, determined in accordance with those accounting procedures and practices prescribed by the National Association of Insurance Commissioners and by the commissioner, brought current to the date of adoption by the board […]
403-B:3 Procedure for Conversion. – I. An insurer may apply to the commissioner for conversion pursuant to this chapter by filing with the commissioner a plan of conversion adopted by 2/3 of the entire board of directors, which shall contain the following: (a) The proposed articles of incorporation and bylaws to be adopted by […]
403-B:4 Distribution of Conversion Value. – The insurer shall follow the following conversion methodology: I. Each eligible policyholder of a mutual fire or casualty insurance company shall have the right to purchase securities of the stock insurance company into which the insurer is to be converted, based upon such policyholder’s proportionate amount of the […]
403-B:5 Compensation. – No director, officer or other employee of the 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 conversion. Source. 1992, 288:16, eff. May 18, 1992.
403-B:6 Issuance of New Certificate of Authority. – After approval by the secretary of state of the articles of incorporation and certification by the insurer that the conversion has been effected, the commissioner shall issue a new certificate of authority to the insurer as a stock insurance company, effective as of the effective date […]
403-B:7 Officers and Directors. – The directors and officers of the insurer shall serve until the directors and officers of the stock insurance company have been duly elected and qualified pursuant to the articles of incorporation and bylaws of the stock insurance company. Source. 1992, 288:16, eff. May 18, 1992.
403-B:8 Judicial Review. – Any person aggrieved by any order or decision of the commissioner pursuant to this chapter may appeal from such decision in accordance with the provisions of RSA 541. Source. 1992, 288:16, eff. May 18, 1992.
403-B:9 Rules. – The commissioner may adopt rules, pursuant to RSA 541-A, as may be necessary for the administration of this chapter. Source. 1992, 288:16. 2002, 207:47, eff. July 15, 2002.
