HB4477 S JUD AMT #1 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, providing a short title; §33-27A-2, defining certain terms; §33-27A-3, establishing a procedure for reorganization of a mutual insurance company into a stock company; §33-27A-4, providing voting rights of mutual policy holders regarding reorganization and associated notice of public hearings; §33-27A-5, requiring review of reorganization plan by the Insurance Commissioner, and establishing procedures therefor; §33-27A-6, related to procedure for amendment of articles of incorporation of mutual holding companies; §33-27A-7, requiring continued corporate existence of reorganized mutual insurance companies;  §33-27A-8, related to payment of costs and expenses of reorganization; §33-27A-9, related to reorganization of a mutual insurance company; §33-27A-10, related to membership in a mutual insurance company; §33-27A-11, establishing the applicability of other laws to the reorganization and resultant companies; §33-27A-12,prescribing that the mutual insurance company be treated as an insurer; §33-27A-13, providing the time in which a reorganization may be challenged; and §33-27A-14, authorizing the Insurance Commissioner to implement necessary rules; all relating to creating the enactment and operation of the West Virginia mutual to mutual insurance holding company act.

Adopted

Rejected