WVC 33 - 23 - 11
§33-23-11. Conversion of society to mutual life insurer.
Any domestic fraternal benefit society may be converted and
licensed as a mutual life insurance company by compliance with
all the requirements of this chapter for the initial licensing of
a domestic mutual life insurer, if such plan of conversion has
been approved by the commissioner. Such plan shall be prepared
in writing setting forth in full the terms and conditions
thereof. The board of directors shall submit such plan to the
supreme legislative or governing body of such society at any
regular or special meeting thereof, by giving a full, true and
complete copy of such plan with the notice of such meeting. Such
notice shall be given as provided in the laws of the society for
the convocation of a regular or special meeting of such body, as
the case may be. The affirmative vote of two thirds of all
members of such body shall be necessary for the approval of such
agreement. No such conversion shall take effect unless and until
approved by the commissioner who may give such approval if he
finds that the proposed change is in conformity with the
requirements of law and not prejudicial to the certificate
holders of the society.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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