ARTICLE 17. Conversion of Certain Reciprocal Insurers to Incorporated Stock Insurers
Article 17 added by Stats. 1998, Ch. 421, Sec. 2.
§§ 1560–1560.19 · 19 sections
- § 1560 This article shall apply only to domestic reciprocal insurers organized after 1974 to provide medical malpractice insurance.
- § 1560.01 By following the procedure specified in this article, any domestic reciprocal insurer described in Section 1560 may be converted into an incorporated stock…
- § 1560.02 The definitions in this section apply to the following terms when used in this article: (a) “Adoption date” means the date the governing body adopts the plan…
- § 1560.03 A plan of conversion adopted by a domestic reciprocal insurer for the establishment of a reciprocal holding company shall provide that the domestic reciprocal…
- § 1560.05 (a) The commissioner shall examine the plan submitted pursuant to Section 1560.03. As a part of the examination the commissioner shall order a public hearing…
- § 1560.06 The meeting of subscribers prescribed by subdivision (c) of Section 1560.03 shall be called by the governing board, the chairperson of the board, or the…
- § 1560.07 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,…
- § 1560.08 No director, officer, agent, or employee of the domestic reciprocal insurer shall receive any fee, commission, or other valuable consideration whatsoever,…
- § 1560.09 At any time before that plan of conversion becomes effective, the domestic reciprocal company may, by resolution of at least two-thirds of the governing board,…
- § 1560.10 Upon consent by the commissioner to the plan of conversion of a domestic reciprocal insurer and filing of the plan of conversion in accordance with the…
- § 1560.11 (a) Upon the effective date of a plan of conversion in accordance with Section 1560.10, the domestic reciprocal insurer immediately becomes a stock…
- § 1560.12 (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…
- § 1560.13 Unless otherwise provided in the plan of conversion, the governing body and officers of the domestic reciprocal insurer shall serve as directors and officers…
- § 1560.14 (a) Notwithstanding any other provision of law and except as otherwise provided in subdivision (b), actions concerning any plan of conversion, proposed plan of…
- § 1560.15 The offer or sale of securities issued pursuant to the plan of conversion developed and approved in accordance with the provisions of this article, shall be…
- § 1560.16 The commissioner shall have the authority from time to time, to make, amend, and rescind any rules and regulations necessary to carry out the provisions of…
- § 1560.17 Upon completion of the act of conversion and issuance of the certificate of authority under Section 1560.10, the Secretary of State shall accept for filing a…
- § 1560.18 (a) The articles of incorporation of a converted insurer that have been adopted pursuant to a plan of conversion and filed with the Secretary of State in…
- § 1560.19 If the name of a domestic reciprocal insurer converting to a stock insurer pursuant to this article includes the word “reciprocal,” the new stock insurer may…