Wisconsin Statutes 644.19 – Executive compensation
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Terms Used In Wisconsin Statutes 644.19
- 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.
- 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
- Intermediate stock holding company: means a corporation that satisfies all of the following:
1. See Wisconsin Statutes 644.02Mutual: includes a mutual holding company. See Wisconsin Statutes 644.02 Mutual holding company: means a mutual insurance holding company. See Wisconsin Statutes 644.02 Officers: when applied to corporations include directors and trustees. See Wisconsin Statutes 990.01
(2) Approval by members. A benefit plan or amendment to a benefit plan that proposes to provide benefits in the form of stock or stock options of a converted insurance company or any intermediate stock holding company to the directors or officers of the converted insurance company, intermediate stock holding company or mutual holding company may not take effect unless it is submitted to a vote of the members of the mutual holding company and approved by a majority of the members voting. Notice of a meeting at which a vote under this subsection will be taken shall be given in accordance with s. 644.14 (1) or (2).
(3) Notice to commissioner. The commissioner may by rule require that any action taken by the board of a mutual holding company, or the board of any intermediate stock holding company, on any of the subjects specified in s. 181.0302 (11) to (14) be reported to the commissioner within 30 days after the action is taken.