Louisiana Revised Statutes 22:237.3 – Conversion of mutual insurers and mutual insurance holding companies authorized
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Terms Used In Louisiana Revised Statutes 22:237.3
- 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.
- Reorganized insurer: means the following:
(a) With respect to a conversion of a mutual insurer under this Subpart, the domestic stock insurer into which a mutual insurer is being or has been reorganized. See Louisiana Revised Statutes 22:237.2
A. A mutual insurer may, pursuant to La. Rev. Stat. 22:71 and 72 and the provisions of this Subpart, reorganize into a stock insurance company that may be or become a subsidiary of a parent corporation that is or has been formed for the purpose of acquiring, directly or indirectly, all of the common stock of such reorganized insurer.
B. A mutual insurance holding company may, pursuant to the provisions of this Subpart, reorganize into a stock insurance holding company.
Acts 2009, No. 234, §1.