DIVISION 2. CLASSES OF INSURANCE 1880-12880.6›PART 2. LIFE AND DISABILITY INSURANCE 10110-11549›CHAPTER 14. Conversion of an Incorporated Mutual Life or Life and Disability Insurer into an Incorporated Stock Life Insurer Issuing Policies on a Reserve Basis 11535-11549›ARTICLE 1. Authority and Requirements to Convert 11535-11549
§ 11537.2
California Insurance Code · 2020-11 edition · updated 2026-10-04 · California
A plan of conversion adopted by a mutual life insurer for the establishment of a mutual holding company shall provide that the mutual life insurer will become a stock life insurer, that the members of the mutual life insurer will become members of a mutual holding company, that the mutual holding company will acquire at least 51 percent of the voting stock of the stock holding company, and that the stock holding company will acquire all of the voting stock of the converted insurer.
(Added by Stats. 1996, Ch. 406, Sec. 7. Effective August 19, 1996.)
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