West Virginia Code 33-27A-9 – Reorganization of mutual company
(a) A mutual insurance company may reorganize by merging its policyholders members’ interests into a domestic or foreign mutual insurance holding company and continuing the corporate existence of the mutual insurance company as a reorganized stock company. A mutual company reorganizing under this article shall comply with all applicable laws of this state and of foreign jurisdictions, to affect the reorganization.
Terms Used In West Virginia Code 33-27A-9
- 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
- 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
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(b) A domestic or foreign mutual insurance holding company may reorganize by merging or consolidating its membership interests into another domestic or foreign mutual insurance holding company. A domestic or foreign mutual insurance holding company reorganizing under this subdivision shall comply with all applicable provisions of this article and all applicable laws of foreign jurisdictions, to affect the reorganization.