(1) A domestic mutual insurer may engage in either of the following actions:
(a) A conversion to a domestic stock insurer; or
(b) A reorganization in which the domestic mutual insurer is converted to a domestic stock insurer; and
(A) A mutual holding company is organized; or
(B) A stock holding company is organized.
(2) A mutual holding company may restructure into a stock holding company, as provided in ORS 732.622 and 732.624.
(3) A reorganization involving the organization of a mutual holding company also may include the organization of an intermediate stock holding company and any other corporation that is permitted to be organized under ORS 732.600 to 732.630. A reorganization involving the organization of a stock holding company also may include the organization of any other corporation that is permitted to be organized under ORS 732.600 to 732.630.
(4) The Director of the Department of Consumer and Business Services may adopt rules for any of the following purposes:
(a) Implementing ORS 732.600 to 732.630.
(b) Ensuring full and proper review of any action described in ORS 732.600 to 732.630.
(c) Protecting the rights of policyholders, members and the insurance-buying public with respect to a conversion, reorganization or restructuring. [1997 c.771 §3]
Section: Previous 732.592 732.595 732.597 732.598 732.599 732.600 732.602 732.604 732.605 732.606 732.608 732.610 732.612 732.614 732.615 NextLast modified: August 7, 2008