38.2-1005 - Certain mutual companies and societies not to become stock companies without approval of Commission. - Virginia Statutes

§ 38.2-1005. Certain mutual companies and societies not to become stockcompanies without approval of Commission.

No mutual insurance company, mutual assessment property and casualty insurer,cooperative nonprofit life benefit company, mutual assessment life, accidentand sickness company, burial society, or fraternal benefit society shall beconverted into a stock corporation unless such conversion and the plan forconversion are approved by the Commission. The insurer shall comply with §38.2-1028 before approval for conversion is granted by the Commission unlessthe Commission finds that the insurer will have the required capital andsurplus within a reasonable time after conversion. A society or othernonstock company licensed under any chapter of this title except Chapter 10(§ 38.2-1000 et seq.) shall be licensed as a mutual insurer subject to §38.2-1029 prior to seeking approval for conversion under § 38.2-1005.1 or §38.2-1005.1:9.

(1952, c. 317, § 38.1-79; 1970, c. 636; 1986, c. 562; 2001, c. 726.)