Conversion into domestic stock insurer: Notice to insurers and insureds; hearing.
1. At the time the association files a notice of intent to qualify as a domestic stock insurer, it must give notice of its intent to all participating insurers and all insureds on a form approved by the Commissioner. The notice to each insured must state the total amount of stock to be issued and the amount of shares to which he is entitled.
2. Any participating insurer or insured may, within 30 days after the date of the notice, apply to the Division for a hearing concerning the association’s ability to qualify as a domestic insurer, the valuation of capital and surplus, or the proposed number and distribution of shares of stock.
Last modified: February 27, 2006