§33-27A-1. Short Title
This article may be cited as the “West Virginia Mutual to Mutual Insurance Holding Company Act.”
§33-27A-10. Membership Interest in Mutual Company
A membership interest in a mutual insurance holding company is not a security under the laws of this state. No member of a mutual insurance holding company may transfer membership in the mutual insurance holding company or any right arising from membership.
§33-27A-11. Applicability of Other Laws
(a) The provisions of 33-5-24 of this code shall apply to a mutual insurance holding company as if the mutual insurance holding company were a domestic mutual insurance company. The members of the mutual insurance holding company are deemed to be members of a domestic mutual insurance company for all purposes of all such sections. […]
§33-27A-12. Holding Company Treated as Insurer
(a) A mutual insurance holding company, and, if applicable, its intermediate holding company, are deemed to be insurers subject to the provisions of 33-10-1 et seq. of this code. A mutual insurance holding company and the intermediate holding company accordingly are deemed to be parties to any proceeding under such article involving an insurance company […]
§33-27A-13. Actions Challenging Reorganization
Any action challenging the validity of, or arising out of, actions taken or proposed to be taken in connection with a reorganization under this article shall be commenced no later than 30 days after the effective date of the reorganization.
§33-27A-14. Powers of Insurance Commissioner
The West Virginia Insurance Commissioner may adopt rules as he or she deems necessary to carry out the purposes of this article.
§33-27A-2. Definitions
As used in this article: “Intermediate holding company” means a stock corporation that owns all of the shares of voting stock of one or more recognized stock companies after a reorganization pursuant to this article. “Intermediate holding company” also means a stock company that is the parent or subsidiary of another intermediate holding company. “Mutual […]
§33-27A-3. Conversion of Mutual Insurance Company Into Stock Company That Is Majority Owned Subsidiary of Mutual Insurance Holding Company
(a) A mutual insurance company, by itself or together with one or more mutual insurance companies acting pursuant to a joint reorganization plan, may reorganize in accordance with the requirements of this article, notwithstanding other provisions of this chapter or the provisions of 23-2C-3 of this code. (b) (1) Such a reorganization plan may only […]
§33-27A-4. Voting Rights of Mutual Policyholders Regarding Reorganization; Notice of Public Hearing
(a) A reorganization plan adopted by a mutual insurance companys board of directors shall be voted upon by the mutual insurance companys policyholders at a policyholders meeting. A policyholder is entitled to cast only one vote, in person or by proxy, on the reorganization plan regardless of the number of policies or contracts that the […]
§33-27A-5. Review of Plan by Insurance Commissioner; Filing Requirements
(a) A mutual insurance company shall not proceed with a reorganization plan approved by the mutual insurance companys policyholders until the reorganization plan has been reviewed by and has received the approval of the Insurance Commissioner and the articles of incorporation for the mutual insurance holding company and reorganized stock company, if any, for an […]
§33-27A-6. Amending Articles of Incorporation of Mutual Holding Company
Proposed amendments to the articles of incorporation of a mutual insurance holding company may be adopted at any members meeting. The board of directors of a mutual insurance holding company shall provide notice of any members meeting conducting a vote on the adoption of the amendment to the articles of incorporation by publication in a […]
§33-27A-7. Corporate Existence of Mutual Company Continue in Recognized Stock Company
(a) Upon a reorganization plan taking effect in accordance with this article, the corporate existence of the mutual insurance company shall continue in the reorganized stock company. On the effective date of the reorganization, all of the assets, rights, franchises and interests of the mutual insurance company in and to every species of property whether […]
§33-27A-8. Payment of Costs and Expenses of Reorganization
All costs and expenses for the process of a reorganization under this article shall be paid for or reimbursed by the mutual insurance company, the reorganized stock company, or an intermediate holding company.
§33-27A-9. Reorganization of Mutual Company
(a) A mutual insurance company may reorganize by merging its policyholders members interests into a domestic or foreign mutual insurance holding company and continuing the corporate existence of the mutual insurance company as a reorganized stock company. A mutual company reorganizing under this article shall comply with all applicable laws of this state and of […]