HB4477 S JUD AMT #2 2-17

Alder 7824


The Committee on Judiciary moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

Eng. House Bill 4477-H. B. 4477 -- A Bill to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated 33-27A-1, 33-27A-2, 33-27A-3, 33-27A-4, 33-27A-5, 33-27A-6, 33-27A-7, 33-27A-8, 33-27A-9, 33-27A-10, 33-27A-11, 33-27A-12, 33-27A-13, and 33-27A-14, all relating to: providing a short title; defining certain terms; establishing a procedure for reorganization of a mutual insurance company into a stock company; providing voting rights of mutual policy holders regarding reorganization and associated notice of public hearings; requiring review of reorganization plan by the Insurance Commissioner, and establishing procedures therefore; related to procedure for amendment of articles of incorporation of mutual holding companies; requiring continued corporate existence of reorganized mutual insurance companies; related to payment of costs and expenses of reorganization; related to reorganization of a mutual insurance company; establishing the applicability of other laws to the reorganization and resultant companies; related to membership in a mutual insurance company; prescribing that the mutual insurance company be treated as an insurer; providing the time in which a reorganization may be challenged; and authorizing the Insurance Commissioner to implement necessary rules.