{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1005.1_9.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1005.1_9.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1005.1_9.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1005.1_9.html"}],"law_id":71758,"edition_id":1,"section_id":71758,"structure_id":12859,"section_number":"38.2-1005.1:9","catch_line":"Conversion of mutual holding company","history":"2001, c. 726.","full_text":"A mutual holding company may reorganize as a stock holding company by complying with the applicable provisions of \u00a7 38.2-1005.1. For the purposes of effecting such conversion, the mutual holding company shall be deemed a mutual insurer and the converted mutual holding company shall be deemed a stock insurer. Notwithstanding any provision of \u00a7 38.1-1005.1 to the contrary, the Commission shall approve the reorganization of the mutual holding company as a stock holding company if the Commission determines that the provisions of applicable law have been complied with and that the reorganization is fair and equitable as regards the interests of the members of the mutual holding company. The Commission may in its discretion order a public hearing for the purpose of determining whether the reorganization complies with such conditions.","order_by":null,"text":{"0":{"id":258533,"text":"A mutual holding company may reorganize as a stock holding company by complying with the applicable provisions of \u00a7 38.2-1005.1. For the purposes of effecting such conversion, the mutual holding company shall be deemed a mutual insurer and the converted mutual holding company shall be deemed a stock insurer. Notwithstanding any provision of \u00a7 38.1-1005.1 to the contrary, the Commission shall approve the reorganization of the mutual holding company as a stock holding company if the Commission determines that the provisions of applicable law have been complied with and that the reorganization is fair and equitable as regards the interests of the members of the mutual holding company. The Commission may in its discretion order a public hearing for the purpose of determining whether the reorganization complies with such conditions.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":12859,"edition_id":1,"name":"Formation of Mutual Insurance Holding Company; Conversion of Mutual Holding Company to Stock Holding Company","identifier":"1.1","label":"article","depth":3,"order_by":1,"parent_id":12858,"metadata":{},"date_created":"2026-06-26 03:43:57","date_modified":"2026-06-26 03:43:57","permalink":{"id":210883,"object_type":"structure","relational_id":12859,"identifier":"1.1","token":"38.2\/10\/1.1","url":"\/38.2\/10\/1.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12858,"edition_id":1,"name":"Organization, Admission and Licensing of Insurers","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:43:57","date_modified":"2026-06-26 03:43:57","permalink":{"id":210851,"object_type":"structure","relational_id":12858,"identifier":"10","token":"38.2\/10","url":"\/38.2\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":56902,"structure_id":12859,"section_number":"38.2-1005.1:1","catch_line":"Definitions","url":"\/38.2-1005.1_1\/","token":"38.2\/10\/1.1\/38.2-1005.1_1","metadata":false},{"id":64846,"structure_id":12859,"section_number":"38.2-1005.1:10","catch_line":"Conflicts of interest","url":"\/38.2-1005.1_10\/","token":"38.2\/10\/1.1\/38.2-1005.1_10","metadata":false},{"id":76203,"structure_id":12859,"section_number":"38.2-1005.1:11","catch_line":"Costs and expenses","url":"\/38.2-1005.1_11\/","token":"38.2\/10\/1.1\/38.2-1005.1_11","metadata":false},{"id":77766,"structure_id":12859,"section_number":"38.2-1005.1:12","catch_line":"Failure to give notice","url":"\/38.2-1005.1_12\/","token":"38.2\/10\/1.1\/38.2-1005.1_12","metadata":false},{"id":79053,"structure_id":12859,"section_number":"38.2-1005.1:13","catch_line":"Limitation on actions","url":"\/38.2-1005.1_13\/","token":"38.2\/10\/1.1\/38.2-1005.1_13","metadata":false},{"id":71404,"structure_id":12859,"section_number":"38.2-1005.1:2","catch_line":"Formation of mutual holding company and conversion of mutual company","url":"\/38.2-1005.1_2\/","token":"38.2\/10\/1.1\/38.2-1005.1_2","metadata":false},{"id":85196,"structure_id":12859,"section_number":"38.2-1005.1:3","catch_line":"Mutual holding company membership interest","url":"\/38.2-1005.1_3\/","token":"38.2\/10\/1.1\/38.2-1005.1_3","metadata":false},{"id":85678,"structure_id":12859,"section_number":"38.2-1005.1:4","catch_line":"Contents of plan of MHC conversion","url":"\/38.2-1005.1_4\/","token":"38.2\/10\/1.1\/38.2-1005.1_4","metadata":false},{"id":81727,"structure_id":12859,"section_number":"38.2-1005.1:5","catch_line":"Adoption and approval of plan of MHC conversion","url":"\/38.2-1005.1_5\/","token":"38.2\/10\/1.1\/38.2-1005.1_5","metadata":false},{"id":53995,"structure_id":12859,"section_number":"38.2-1005.1:6","catch_line":"Corporate existence","url":"\/38.2-1005.1_6\/","token":"38.2\/10\/1.1\/38.2-1005.1_6","metadata":false},{"id":66932,"structure_id":12859,"section_number":"38.2-1005.1:7","catch_line":"Regulation and authority of a mutual holding company","url":"\/38.2-1005.1_7\/","token":"38.2\/10\/1.1\/38.2-1005.1_7","metadata":false},{"id":57547,"structure_id":12859,"section_number":"38.2-1005.1:8","catch_line":"Diversion of business to affiliates","url":"\/38.2-1005.1_8\/","token":"38.2\/10\/1.1\/38.2-1005.1_8","metadata":false},{"id":71758,"structure_id":12859,"section_number":"38.2-1005.1:9","catch_line":"Conversion of mutual holding company","url":"\/38.2-1005.1_9\/","token":"38.2\/10\/1.1\/38.2-1005.1_9","metadata":false}],"previous_section":{"id":57547,"structure_id":12859,"section_number":"38.2-1005.1:8","catch_line":"Diversion of business to affiliates","url":"\/38.2-1005.1_8\/","token":"38.2\/10\/1.1\/38.2-1005.1_8","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1005.1:9\/","history_text":"

This law was first created in 2001. The record of its establishment is cataloged in chapter 726<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":71096,"section_number":"38.2-1005","catch_line":"Certain mutual companies and societies not to become stock companies without approval of Commission","order_by":null,"url":"\/38.2-1005\/"},{"id":81081,"section_number":"38.2-1005.1","catch_line":"Conversion of a domestic mutual insurer to a domestic stock insurer","order_by":null,"url":"\/38.2-1005.1\/"},{"id":56902,"section_number":"38.2-1005.1:1","catch_line":"Definitions","order_by":null,"url":"\/38.2-1005.1_1\/"},{"id":66932,"section_number":"38.2-1005.1:7","catch_line":"Regulation and authority of a mutual holding company","order_by":null,"url":"\/38.2-1005.1_7\/"}],"refers_to":[{"id":81081,"section_number":"38.2-1005.1","catch_line":"Conversion of a domestic mutual insurer to a domestic stock insurer","order_by":null,"url":"\/38.2-1005.1\/"}],"permalink":{"id":210933,"object_type":"law","relational_id":71758,"identifier":"38.2-1005.1:9","token":"38.2\/10\/1.1\/38.2-1005.1_9","url":"\/38.2-1005.1_9\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1005.1_9\/","token":"38.2\/10\/1.1\/38.2-1005.1_9","dublin_core":{"Title":"Conversion of mutual holding company","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1005.1:9","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A mutual holding company<\/span> may reorganize as a stock holding company by complying with the applicable provisions of \u00a7 38.2-1005.1<\/a>. For the purposes of effecting such conversion, the mutual holding company<\/span> shall be deemed a mutual insurer<\/span> and the converted mutual holding company<\/span><\/span> shall be deemed a stock insurer<\/span>. Notwithstanding any provision of \u00a7 38.1-1005.1 to the contrary, the Commission<\/span> shall approve the reorganization of the mutual holding company<\/span> as a stock holding company if the Commission<\/span> determines that the provisions of applicable law<\/span> have been complied with and that the reorganization is fair and equitable<\/span> as regards the interests of the members<\/span> of the mutual holding company<\/span>. The Commission<\/span> may in its discretion order<\/span> a public hearing<\/span> for the purpose of determining whether the reorganization complies with such conditions.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONVERSION OF MUTUAL HOLDING COMPANY (\u00a7 38.2-1005.1:9)\n\nA mutual holding company may reorganize as a stock holding company by complying\nwith the applicable provisions of \u00a7 38.2-1005.1. For the purposes of effecting\nsuch conversion, the mutual holding company shall be deemed a mutual insurer and\nthe converted mutual holding company shall be deemed a stock insurer.\nNotwithstanding any provision of \u00a7 38.1-1005.1 to the contrary, the Commission\nshall approve the reorganization of the mutual holding company as a stock\nholding company if the Commission determines that the provisions of applicable\nlaw have been complied with and that the reorganization is fair and equitable as\nregards the interests of the members of the mutual holding company. The\nCommission may in its discretion order a public hearing for the purpose of\ndetermining whether the reorganization complies with such conditions.\n\nHISTORY: 2001, c. 726.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}