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California Law (Last Updated: March 4, 2014) |
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Insurance Code - INS |
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Division 1. GENERAL RULES GOVERNING INSURANCE |
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Part 2. THE BUSINESS OF INSURANCE |
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Chapter 1. General Regulations |
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ARTICLE 14. Proceedings in Cases of Insolvency and Delinquency |
Section 1046.
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Said mutualization plan shall include provisions for:
(a) The acquisition by such insurer of all outstanding shares of its capital stock at a price and upon terms and conditions to be fixed as hereinafter provided.
(b) The retirement of said shares of stock when acquired by such insurer.
(c) The amendment of the charter of such insurer so as to enable it to transact its business as a mutual insurer issuing nonassessable policies on a reserve basis.
(d) The manner in which and the time within which, after mutualization is effected, matured and maturing claims against such insurer shall be paid to the lawful holders thereof.
(e) The submission of said mutualization plan to the policyholders of such insurer under such procedure as shall be set forth in the plan or prescribed by said court, for their approval or rejection.
(f) Notice to the shareholders of such insurer, in such manner and at such time after the approval of said mutualization plan by said policyholders, as the court may direct.