California § 1046. 1046. (Amended by Stats. 1935, Ch. 291.)

California Statutes

§ 1046. — 1046. (Amended by Stats. 1935, Ch. 291.)

California § 1046.

JurisdictionCalifornia

Code INSInsurance Code - INS

Div. 1.DIVISION 1. GENERAL RULES GOVERNING INSURANCE

Part 2.PART 2. THE BUSINESS OF INSURANCE

Ch. 1.CHAPTER 1. General Regulations

Art. 14.ARTICLE 14. Proceedings in Cases of Insolvency and Delinquency

This text of California § 1046. (1046. (Amended by Stats. 1935, Ch. 291.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Cal. Insurance Code - INS Code § 1046. (2026).

Text

Said mutualization plan shall include provisions for:

(a)The acquisition by such insurer of all outstanding shares of its capital stock at a price and upon terms and conditions to be fixed as hereinafter provided.

(b)The retirement of said shares of stock when acquired by such insurer.

(c)The amendment of the charter of such insurer so as to enable it to transact its business as a mutual insurer issuing nonassessable policies on a reserve basis.

(d)The manner in which and the time within which, after mutualization is effected, matured and maturing claims against such insurer shall be paid to the lawful holders thereof.

(e)The submission of said mutualization plan to the policyholders of such insurer under such procedure as shall be set forth in the plan or prescribed by said court, fo

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Said mutualization plan shall include provisions for:
(a)
The acquisition by such insurer of all outstanding shares of its capital stock at a price and upon terms and conditions to be fixed as hereinafter provided.
(b)
The retirement of said shares of stock when acquired by such insurer.
(c)
The amendment of the charter of such insurer so as to enable it to transact its business as a mutual insurer issuing nonassessable policies on a reserve basis.
(d)
The manner in which and the time within which, after mutualization is effected, matured and maturing claims against such insurer shall be paid to the lawful holders thereof.
(e)
The submission of said mutualization plan to the policyholders of such insurer under such procedure as shall be set forth in the plan or prescribed by said court, for their approval or rejection.
(f)
Notice to the shareholders of such insurer, in such manner and at such time after the approval of said mutualization plan by said policyholders, as the court may direct.