§ 1560.10. — 1560.10. (Added by Stats. 1998, Ch. 421, Sec. 2.)

California § 1560.10.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 1.: DIVISION 1. GENERAL RULES GOVERNING INSURANCE
• Part 2.: PART 2. THE BUSINESS OF INSURANCE
• Ch. 3.: CHAPTER 3. Reciprocal Insurers
• Art. 17.: ARTICLE 17. Conversion of Certain Reciprocal Insurers to Incorporated Stock Insurers

Text

Upon consent by the commissioner to the plan of conversion of a domestic reciprocal insurer and filing of the plan of conversion in accordance with the provisions of this article, the commissioner shall issue a new certificate of authority to the converted insurer. Upon issuance of the certificate of authority to a domestic reciprocal insurer and subject to subdivision (a) of Section 110 of the Corporations Code, the Secretary of State shall accept for filing the articles of incorporation of the reciprocal holding company, the stock holding company, and the converted insurer. The plan is effective upon the filing of the articles of incorporation or the certificate of amendment of the articles of incorporation.

Legislative History

Added by Stats. 1998, Ch. 421, Sec. 2. Effective January 1, 1999.