15 USC 6732 - Redomestication of mutual insurers

U.S Code last checked for updates: May 03, 2024

§ 6732.

Redomestication of mutual insurers

(a)

Redomestication

(b)

Resulting domicile

(c)

Licenses preserved

(d)

Effectiveness of outstanding policies and contracts

(1)

In general

(2)

Forms

(A)

Applicable State law may require a redomesticating insurer to file new policy forms with the State insurance regulator of a licensed State on or before the effective date of the transfer.

(B)

Notwithstanding subparagraph (A), a redomesticating insurer may use existing policy forms with appropriate endorsements to reflect the new domicile of the redomesticating insurer until the new policy forms are approved for use by the State insurance regulator of such licensed State.

(e)

Notice

(f)

Procedural requirements

No mutual insurer may redomesticate to another State and reorganize into a mutual holding company pursuant to this section unless the State insurance regulator of the transferee domicile determines that the plan of reorganization of the insurer includes the following requirements:

(1)

Approval by board of directors and policyholders

(2)

Continued voting control by policyholders; review of public stock offering

(3)

Award of stock or grant of options to officers and directors

(4)

Policyholder rights

(5)

Fair and equitable treatment of policyholders

(Pub. L. 106–102, title III, § 312, Nov. 12, 1999, 113 Stat. 1417.)

cite as: 15 USC 6732