Unless otherwise provided in the plan of conversion, the governing body and officers of the domestic reciprocal insurer shall serve as directors and officers of the converted insurer until new directors and officers have been duly elected and qualified pursuant to the articles of incorporation and bylaws of the stock company.
(Added by Stats. 1998, Ch. 421, Sec. 2. Effective January 1, 1999.)
Terms Used In California Insurance Code 1560.13
- Converted insurer: means the incorporated stock insurer into which a domestic reciprocal insurer has been converted in accordance with the provisions of this article. See California Insurance Code 1560.02
- Domestic: means organized under the laws of this State, whether or not admitted. See California Education Code 32031
- Governing body: means the body exercising subscribers' rights selected pursuant to Section 1308 for the domestic reciprocal insurer. See California Insurance Code 1560.02
- plan: means a plan adopted by a domestic reciprocal insurer in compliance with this article. See California Insurance Code 1560.02