Arizona Laws 20-482.03. Required plan contents
A plan of reorganization of a domestic mutual insurer shall include all of the following:
Terms Used In Arizona Laws 20-482.03
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Conversion: means a process by which a domestic mutual insurer is converted to a domestic stock insurer as part of a reorganization. See Arizona Laws 20-482
- Converted stock insurer: means a domestic stock insurer into which a domestic mutual insurer is converted as part of a reorganization. See Arizona Laws 20-482
- Converting mutual insurer: means a domestic mutual insurer that is converting to a domestic stock insurer as part of a reorganization. See Arizona Laws 20-482
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Effective date: means , with respect to a plan, the date on which the plan or a part of the plan becomes effective as set forth in an order of the director. See Arizona Laws 20-482
- Eligible member: means a member of the converting mutual insurer whose insurance policy is in force as of the date on which the board adopts the plan of reorganization or on some other date that the plan specifies as the record date and that the director approves. See Arizona Laws 20-482
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Intermediate stock holding company: means a corporation that satisfies all of the following:
(a) The corporation was incorporated under title 10. See Arizona Laws 20-482
- Member: means :
(a) With respect to a domestic mutual insurer, a member as described in section 20-715. See Arizona Laws 20-482
- Mutual holding company: means a corporation that is formed and existing under the laws of this state and pursuant to the reorganization of a mutual insurance company. See Arizona Laws 20-482
- Plan: means a plan of reorganization. See Arizona Laws 20-482
- Reorganization: means a process by which a domestic mutual insurer is converted to a domestic stock insurer and a mutual holding company is organized. See Arizona Laws 20-482
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, intermediate stock holding company or other corporation organized pursuant to the plan.
3. A description of all significant terms of the reorganization.
4. New or revised intercompany agreements.
5. A description of the overall effect of the plan on policies issued by the converting mutual insurer. The description must show that policyholder interests collectively are properly preserved and protected and that the plan is fair and equitable to the policyholders.
6. The record date for determining whether a member of the converting mutual insurer is an eligible member.
7. The proposed effective date of the reorganization or the manner in which the proposed effective date of the reorganization is established.
8. The proposed amendments to or restatement of the articles of incorporation and bylaws of the converting mutual insurer and the proposed articles of incorporation and bylaws of any mutual holding company, intermediate stock holding company or other corporation organized pursuant to the plan.
9. A description of any plans for the initial sale of voting stock to third parties by the converted stock insurer or any intermediate stockholding company, or a statement that the converted stock insurer or intermediate stock holding company has no current plans for the sale of voting stock.
10. The intention, if any, that a director or officer of the converting mutual insurer, mutual holding company, intermediate stock holding company or other corporation organized pursuant to the plan, within the six-month period following the effective date of the conversion or reorganization, may purchase or acquire shares of capital stock or other securities of an issuer to be issued pursuant to the plan.
11. A provision that all policies in force on the effective date of the conversion or reorganization will remain in force under the terms of those policies and that on the effective date of the reorganization, any voting rights of the members provided for under the policies or under this title are extinguished.