§ 22:237.7 — Approval by qualified voters

Louisiana § 22:237.7

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§237.7. Approval by qualified voters
A. The plan of reorganization shall be approved at a meeting convened for that
purpose by a vote of not less than two-thirds of the qualified voters of the reorganizing
mutual entitled to vote on matters and present or represented by special ballot or special
proxy. Qualified voters may be represented by special ballot or special proxy. No special
ballot or special proxy shall be distributed to qualified voters or accepted by the reorganizing
mutual prior to the date of the public hearing required by R.S. 22:237.6(A).
B. The meeting of qualified voters to consider the plan of reorganization shall occur
after the public hearing before the commissioner, and the closing of the administrative record
after the public hearing shall not occur until such time as it includes certification by the
reorganizing mutual to the commissioner of the vote on the plan of reorganization by the
qualified voters of the reorganizing mutual.
C. All qualified voters shall be given notice of their opportunity to vote on the plan
of reorganization, which notice shall include a copy of the plan of reorganization or a
summary thereof and which shall be in a form that the commissioner has determined is
adequate and may be provided to qualified voters. The notice may be combined with notice
of the public hearing. The notice shall be mailed, or provided by some other method or
methods as may be approved by the commissioner, not less than thirty days before the date
of the meeting of qualified voters to vote on the plan of reorganization. If the reorganizing
mutual complies substantially and in good faith with the notice requirements of this Section,
the failure of any person to actually receive any required notice will not impair the validity
of any action taken under this Subpart.
D. A quorum for the meeting of qualified voters to consider the plan of
reorganization shall consist of the qualified voters present or represented by special ballot
or special proxy.
E. Voting, ballot, and proxy submission may take place electronically or
telephonically consistent with the requirements of the Louisiana Uniform Electronic
Transactions Act, R.S. 9:2601 et seq.
F. The reorganizing mutual shall obtain prior approval from the department of the
content of any advertisement in any public media or unsolicited written communication
directed to qualified voters to ensure that the information being provided by the reorganizing
mutual is not false, deceptive, or misleading.

Legislative History

Acts 2009, No. 234, §1; Acts 2024, No. 149, §1, eff. May 22, 2024.