38.2-1005.1:9 - Conversion of mutual holding company - Virginia Statutes

§ 38.2-1005.1:9. Conversion of mutual holding company.

A mutual holding company may reorganize as a stock holding company bycomplying with the applicable provisions of § 38.2-1005.1. For the purposesof effecting such conversion, the mutual holding company shall be deemed amutual insurer and the converted mutual holding company shall be deemed astock insurer. Notwithstanding any provision of § 38.1-1005.1 to thecontrary, the Commission shall approve the reorganization of the mutualholding company as a stock holding company if the Commission determines thatthe provisions of applicable law have been complied with and that thereorganization is fair and equitable as regards the interests of the membersof the mutual holding company. The Commission may in its discretion order apublic hearing for the purpose of determining whether the reorganizationcomplies with such conditions.

(2001, c. 726.)