Terms Used In California Codes > Insurance Code > Division 2 > Part 1 > Chapter 4 > Article 10 - Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer

• Adoption date: means the date the board of directors adopts the plan of conversion. See California Insurance Code 4097.01
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
• Contract: A legal written agreement that becomes binding when signed.
• Converted company: means the converted insurer or converted mutual holding company, as the case may be. See California Insurance Code 4097.01
• Converted insurer: means the incorporated stock insurer into which a medical malpractice mutual insurer has been converted or merged or redomiciled in accordance with the provisions of this article. See California Insurance Code 4097.01
• Converted mutual holding company: means the stock corporation into which a mutual holding company has been converted in accordance with this article. See California Insurance Code 4097.01
• Converting mutual company: means , for a plan of conversion under this article, the medical malpractice mutual insurer or mutual holding company that is converting under the plan. See California Insurance Code 4097.01
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• County: includes "city and county. See California Insurance Code 14
• Demutualization: means the conversion of a medical malpractice mutual insurer into a stock insurer without the establishment of a mutual holding company or the conversion of a mutual holding company into a stock corporation. See California Insurance Code 4097.01
• department: means State Department of Health Services. See California Health and Safety Code 20
• Domestic: means organized under the laws of this State, whether or not admitted. See California Insurance Code 26
• Effective date: means , for the conversion of a medical malpractice mutual insurer, the date upon which the conversion of the mutual insurer is effective, as specified in the commissioner's amendment to the mutual insurer's certificate of authority issued in accordance with Section 4097. See California Insurance Code 4097.01
• Eligible members: means , for the conversion of a mutual insurer, members of the mutual insurer who are of record, fully paid-up and otherwise in good standing on the mutual insurer's adoption date and on its effective date, but shall not include those persons covered solely under a reporting endorsement to a claims made policy on either date. See California Insurance Code 4097.01
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Fiduciary: A trustee, executor, or administrator.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Medical malpractice mutual insurer: means a mutual insurer organized under this chapter that writes predominantly medical malpractice insurance, as that class of insurance is defined in subdivision (d) of Section 108. See California Insurance Code 4097.01
• Member: means a person who, by the records of the mutual company and by its articles of incorporation or bylaws, is deemed to be a holder of a membership interest in the mutual company. See California Insurance Code 4097.01
• Membership interests: means the interests of members arising under this code and the articles of incorporation and bylaws of the mutual company or otherwise by law. See California Insurance Code 4097.01
• Mutual company: means , in the case of a plan of conversion, the medical malpractice mutual insurer or mutual holding company that is converting pursuant to the plan. See California Insurance Code 4097.01
• Mutual holding company: means a corporation organized under the laws of this state subject to the general corporation law as set forth in the Corporations Code. See California Insurance Code 4097.01
• Mutual insurer: means , in the case of a plan of conversion under this article, the medical malpractice mutual insurer that is converting pursuant to the plan. See California Insurance Code 4097.01
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means any person, firm, association, organization, partnership, business trust, corporation, limited liability company, or company. See California Health and Safety Code 19
• Person: means an individual, partnership, firm, association, corporation, joint-stock company, limited liability company, trust, government or governmental agency, state or political subdivision of a state, public or private corporation, board, association, estate, trustee, or fiduciary, or any similar entity. See California Insurance Code 4097.01
• plan: means a plan adopted by a mutual company in compliance with this article. See California Insurance Code 4097.01
• Policy: means an individual or group policy of insurance issued by a mutual insurer or a converted insurer. See California Insurance Code 4097.01
• Policyholder: means the holder of a policy other than a reinsurance contract. See California Insurance Code 4097.01
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Rights in surplus: includes rights of members of the insurer to a distribution of surplus in liquidation, conservation or demutualization of the insurer under this code, or in a dissolution or winding up. See California Insurance Code 4097.01
• State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23
• State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
• Stock holding company: means a corporation authorized to issue one or more classes of capital stock, the corporate purposes of which include holding all of the voting stock in an insurer that has been converted from a mutual insurer to a stock insurer in proceedings under Section 4097. See California Insurance Code 4097.01
• subscription: includes mark when the signer or subscriber can not write, such signer's or subscriber's name being written near the mark by a witness who writes his own name near the signer's or subscriber's name. See California Insurance Code 18
• Trustee: A person or institution holding and administering property in trust.
• Voting stock: means securities of any class or any ownership interest having voting power for the election of directors, trustees, or management of a person, other than securities having voting power only because of the occurrence of a contingency. See California Insurance Code 4097.01
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.