§ 38.2-1006 Conversion of a domestic stock insurer to a mutual insurer.
§ 38.2-1007 Notice to policyholders of meeting to approve conversion.
§ 38.2-1008 Conduct of and voting at meeting.
§ 38.2-1009 Payment for shares pursuant to conversion plan.
§ 38.2-1010 How acquired shares held.
§ 38.2-1011 Disposition of dividends after payments provided in conversion plan.
§ 38.2-1012 Jurisdiction to compel completion of mutualization.
§ 38.2-1013 Venue of proceedings.
§ 38.2-1014 Parties and process.
§ 38.2-1015 Determining value of stock outstanding; dismissal of petition or entry of decree requiring payment for and transfer of stock.
§ 38.2-1016 Amendment of charter and bylaws; change of name; retirement and cancellation of stock; when mutualization effective; assets and liabilities; officers and directors; general restrictions and powers.
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Terms Used In Virginia Code > Title 38.2 > Chapter 10 > Article 2 - Conversion of Domestic Stock Insurer to Mutual Insurer.

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Virginia Code 38.2-1201
  • Bequest: Property gifted by will.
  • City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
  • Commission: means the State Corporation Commission. See Virginia Code 38.2-100
  • 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.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Insurer: means an insurance company. See Virginia Code 38.2-100
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
  • Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
  • Surplus to policyholders: means the excess of total admitted assets over the liabilities of an insurer, and shall be the sum of all capital and surplus accounts, including any voluntary reserves, minus any impairment of all capital and surplus accounts. See Virginia Code 38.2-100
  • Trustee: A person or institution holding and administering property in trust.