ARTICLE 10. Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer
Article 10 added by Stats. 1998, Ch. 421, Sec. 4.
§§ 4097–4097.20 · 21 sections
- § 4097 (a) A domestic incorporated medical malpractice mutual insurer, issuing nonassessable policies on a reserve basis may be converted into an incorporated stock…
- § 4097.01 The definitions in this section apply to the following terms when used in this article. (a) “Adoption date” means the date the board of directors adopts the…
- § 4097.02 The plan of conversion shall include appropriate proceedings for amending the mutual company’s articles of incorporation to give effect to the conversion from…
- § 4097.03 For the conversion of a medical malpractice mutual insurer, the plan of conversion shall provide for either a demutualization in compliance with Section…
- § 4097.04 For the demutualization of a mutual insurer into a stock insurer or for the demutualization of a mutual holding company into a stock corporation, the plan for…
- § 4097.05 A plan of conversion adopted by a medical malpractice mutual insurer to establish a mutual holding company shall provide that the medical malpractice mutual…
- § 4097.06 (a) The commissioner shall examine the plan submitted pursuant to subdivision (b) of Section 4097.02. If the plan provides for the establishment of a mutual…
- § 4097.07 The meeting of members prescribed by subdivision (c) of Section 4097.02 shall be called by the board of directors, the chairperson of the board, or the…
- § 4097.08 Nothing in this article shall be deemed to prohibit the inclusion in the plan of conversion of provisions under which the insurer’s officers, directors,…
- § 4097.09 No director, officer, agent, or employee of the mutual company shall receive any fee, commission, or other valuable consideration whatsoever, other than…
- § 4097.10 At any time before that plan of conversion becomes effective as provided in Section 4097.11, the mutual company may, by resolution of at least two-thirds of…
- § 4097.11 (a) Upon consent by the commissioner to the plan of conversion of a mutual insurer and filing of the plan of conversion in accordance with the provisions of…
- § 4097.12 (a) Upon the effective date of a plan of conversion in accordance with Section 4097.05, the mutual insurer immediately becomes a stock corporation, the…
- § 4097.13 (a) Prior to, and for a period of five years following, the effective date of the plan of conversion, no person or group of persons acting in concert shall…
- § 4097.14 Unless otherwise provided in the plan of conversion, the directors and officers of the mutual company shall serve as directors and officers of the converted…
- § 4097.15 (a) Notwithstanding any other provision of law and except as otherwise provided in subdivision (b), actions concerning any plan of conversion, proposed plan of…
- § 4097.16 The offer or sale of securities, including any debt securities, issued pursuant to the plan of conversion developed and approved in accordance with the…
- § 4097.17 The commissioner shall have the authority from time to time, to make, amend, and rescind any rules and regulations as may be necessary to carry out the…
- § 4097.18 Upon completion of the act of conversion and issuance of the certificate of authority under Section 4097.11, the Secretary of State shall accept for filing a…
- § 4097.19 (a) The amended articles of incorporation of a converted company that have been adopted pursuant to a plan of conversion and filed with the Secretary of State…
- § 4097.20 If the name of a mutual insurer converting to a stock insurer pursuant to this article includes the word “mutual,” the new stock insurer may continue to use…