Wisconsin Statutes 644.16 – Board of directors, committees and records
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Terms Used In Wisconsin Statutes 644.16
- Board: means the board of directors or board of trustees, as the case may be, of the converting insurance company. See Wisconsin Statutes 644.02
- Converted insurance company: means an insurance company that converted under this chapter from a mutual insurance company to a stock insurance company, or from a service insurance corporation to a mutual insurance company and then to a stock insurance company, and formed a mutual holding company. See Wisconsin Statutes 644.02
- Mutual: includes a mutual holding company. See Wisconsin Statutes 644.02
- Mutual holding company: means a mutual insurance holding company. See Wisconsin Statutes 644.02
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Policyholder: includes a member. See Wisconsin Statutes 644.02
- This chapter: includes this chapter. See Wisconsin Statutes 644.02
(1) Board of directors. Subject to this section, ss. 181.0801 (1) and (2), 181.0802, 181.0811, 611.51 (2), (3), (5) and (8) and 611.53 (1) and (3) apply to mutual holding companies. Section 181.0824 applies to the board of a mutual holding company except as modified by s. 611.10. The board shall manage the business and affairs of the corporation and may not delegate its power or responsibility to do so, except to the extent authorized by ss. 181.0825 and 181.0841.
(2) Committees of directors. Section 181.0825 applies to mutual holding companies.
(3) Records.
(a) Section 611.51 (9) (am) and (b) applies to mutual holding companies.
(b) Any provision of this chapter or of the articles or bylaws of a mutual holding company that requires the keeping of records concerning the names and addresses of members entitled to vote shall be considered complied with by the keeping of a record of the names of policyholders of, and the names and addresses of insureds or persons paying premiums on the policies of, the converted insurance company. Any provision of this chapter or of the articles or bylaws of a mutual holding company that requires the mailing or sending of notices, reports, proposals, ballots or other materials to a member shall be considered complied with if such mailing is made to the insured or the person paying premiums on the policy of the converted insurance company, for delivery to the policyholder.
(4) Director conflicts of interest. Section 611.60 applies to mutual holding companies.