West Virginia Code 33-27A-2 – Definitions
As used in this article:
Terms Used In West Virginia Code 33-27A-2
- 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.
- Intermediate holding company: means a stock corporation that owns all of the shares of voting stock of one or more recognized stock companies after a reorganization pursuant to this article. See West Virginia Code 33-27A-2
- Mutual insurance company: means a domestic or foreign mutual Insurance company. See West Virginia Code 33-27A-2
- Mutual insurance holding company: means a domestic mutual insurance holding company incorporated pursuant to a reorganization plan adopted pursuant to this article, which company is the parent company of a reorganized stock company or of an intermediate holding company. See West Virginia Code 33-27A-2
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Reorganization plan: means a reorganization plan adopted by a mutual insurance company's board of directors in accordance with the provisions of this article. See West Virginia Code 33-27A-2
- Reorganized stock company: means the domestic or foreign stock insurance company resulting from a domestic or foreign mutual insurance company's reorganization under this article. See West Virginia Code 33-27A-2
- Voting Stock: means securities of any class or any ownership interests having voting power for the election of directors, trustees, or management of a person, other than securities having voting power only as a result of the occurrence of a contingency. See West Virginia Code 33-27A-2
“Intermediate holding company” means a stock corporation that owns all of the shares of voting stock of one or more recognized stock companies after a reorganization pursuant to this article. “Intermediate holding company” also means a stock company that is the parent or subsidiary of another intermediate holding company.
“Mutual insurance company” means a domestic or foreign mutual Insurance company. “Mutual insurance holding company” means a domestic mutual insurance holding company incorporated pursuant to a reorganization plan adopted pursuant to this article, which company is the parent company of a reorganized stock company or of an intermediate holding company.
“Policyholder” means the person, group of persons, association, corporation, partnership, member or other entity named as the insured under a mutual policy of insurance.
“Reorganization plan” means a reorganization plan adopted by a mutual insurance company‘s board of directors in accordance with the provisions of this article.
“Reorganized stock company” means the domestic or foreign stock insurance company resulting from a domestic or foreign mutual insurance company’s reorganization under this article.
“Voting Stock” means securities of any class or any ownership interests having voting power for the election of directors, trustees, or management of a person, other than securities having voting power only as a result of the occurrence of a contingency.