Louisiana Revised Statutes 22:237.10 – Filing of certificate of compliance; effective date of reorganization
Terms Used In Louisiana Revised Statutes 22:237.10
- Commissioner: means the commissioner of insurance, or his deputy, or the Department of Insurance, as appropriate. See Louisiana Revised Statutes 22:237.2
- Effective date: means the date upon which the reorganization of the reorganizing mutual is effective, as provided in Louisiana Revised Statutes 22:237.2
- Plan of reorganization: means the plan of reorganization adopted by the reorganizing mutual in compliance with this Subpart. See Louisiana Revised Statutes 22:237.2
- Reorganizing mutual: means a mutual insurer or mutual insurance holding company that is reorganizing pursuant to this Subpart. See Louisiana Revised Statutes 22:237.2
A. On or prior to the effective date of the reorganization, the reorganizing mutual shall file with the commissioner a certificate stating that:
(1) All of the conditions set forth in the plan of reorganization, including a final order by the commissioner granting permission to reorganize in accordance with the plan of reorganization pursuant to La. Rev. Stat. 22:237.6 and approval by qualified voters pursuant to La. Rev. Stat. 22:237.7, have been satisfied.
(2) The board of directors of the reorganizing mutual has not abandoned the plan of reorganization.
B. Notwithstanding the provisions of La. Rev. Stat. 12:23, the articles of incorporation of the reorganizing mutual shall be approved and recorded in accordance with the provisions of La. Rev. Stat. 22:63 and 64.
C. The reorganization shall be effective upon the date and hour certified by the commissioner, which shall be the later of: (1) the date and hour when the articles of incorporation were filed for record in the office of the proper recorder of mortgages; or (2) such other date and time specified in the articles of incorporation as the date and hour when the reorganization shall be effective, which shall not be later than the tenth day after the date the articles of incorporation are recorded.
Acts 2009, No. 234, §1; Acts 2010, No. 730, §1, eff. June 29, 2010.