Oregon Statutes 732.604 – Permissible actions of domestic mutual insurer; rules
(1) A domestic mutual insurer may engage in either of the following actions:
Terms Used In Oregon Statutes 732.604
- 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.
(a) A conversion to a domestic stock insurer; or
(b) A reorganization in which the domestic mutual insurer is converted to a domestic stock insurer; and
(A) A mutual holding company is organized; or
(B) A stock holding company is organized.
(2) A mutual holding company may restructure into a stock holding company, as provided in ORS § 732.622 and 732.624.
(3) A reorganization involving the organization of a mutual holding company also may include the organization of an intermediate stock holding company and any other corporation that is permitted to be organized under ORS § 732.600 to 732.630. A reorganization involving the organization of a stock holding company also may include the organization of any other corporation that is permitted to be organized under ORS § 732.600 to 732.630.
(4) The Director of the Department of Consumer and Business Services may adopt rules for any of the following purposes:
(a) Implementing ORS § 732.600 to 732.630.
(b) Ensuring full and proper review of any action described in ORS § 732.600 to 732.630.
(c) Protecting the rights of policyholders, members and the insurance-buying public with respect to a conversion, reorganization or restructuring. [1997 c.771 § 3]
[1971 c.373 § 2; 1993 c.447 § 23; renumbered 732.548 in 1993]