Converting mutual definition

Converting mutual means a domestic mutual insurance company that has adopted a plan of conversion and an amendment to its articles of incorporation under this section that will, upon consummation, result in the domestic mutual insurance company converting into a domestic stock insurance company.
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Converting mutual means a domestic mutual insurer that adopts a plan of conversion under Section 3 of this Act that will result in the insurer converting into a domestic stock insurer.
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Examples of Converting mutual in a sentence

  • Medmarc shall file the Plan of Conversion with the Commissioner (“Commissioner”) of the Department of Financial Regulation of the State of Vermont (the “Department”) in accordance with 8 V.S.A. § 3423 (Converting mutual insurer or mutual insurance holding company) of the Vermont Insurance Code (“Conversion Statute”).

Related to Converting mutual

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