California Insurance Code 4097.03 – For the conversion of a medical malpractice mutual insurer, the plan …
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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 or for a mutual holding company in compliance with Section 4097.05. For the conversion of a mutual holding company, the plan of conversion shall provide for demutualization in compliance with Section 4097.04.
(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
Terms Used In California Insurance Code 4097.03
- Demutualization: means the conversion of a medical malpractice mutual insurer into a stock insurer without the establishment of a mutual holding company or the conversion of a mutual holding company into a stock corporation. See California Insurance Code 4097.01
- Medical malpractice mutual insurer: means a mutual insurer organized under this chapter that writes predominantly medical malpractice insurance, as that class of insurance is defined in subdivision (d) of Section 108. See California Insurance Code 4097.01
- Mutual holding company: means a corporation organized under the laws of this state subject to the general corporation law as set forth in the Corporations Code. See California Insurance Code 4097.01
- plan: means a plan adopted by a mutual company in compliance with this article. See California Insurance Code 4097.01