{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1005.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1005.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1005.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1005.html"}],"law_id":71096,"edition_id":1,"section_id":71096,"structure_id":15310,"section_number":"38.2-1005","catch_line":"Certain mutual companies and societies not to become stock companies without approval of Commission","history":"1952, c. 317, \u00a7 38.1-79; 1970, c. 636; 1986, c. 562; 2001, c. 726.","full_text":"No mutual insurance company, mutual assessment property and casualty insurer, cooperative nonprofit life benefit company, mutual assessment life, accident and sickness company, burial society, or fraternal benefit society shall be converted into a stock corporation unless such conversion and the plan for conversion are approved by the Commission. The insurer shall comply with \u00a7 38.2-1028 before approval for conversion is granted by the Commission unless the Commission finds that the insurer will have the required capital and surplus within a reasonable time after conversion. A society or other nonstock company licensed under any chapter of this title except Chapter 10 (\u00a7 38.2-1000 et seq.) shall be licensed as a mutual insurer subject to \u00a7 38.2-1029 prior to seeking approval for conversion under \u00a7 38.2-1005.1 or \u00a7 38.2-1005.1:9.","order_by":null,"text":{"0":{"id":256367,"text":"No mutual insurance company, mutual assessment property and casualty insurer, cooperative nonprofit life benefit company, mutual assessment life, accident and sickness company, burial society, or fraternal benefit society shall be converted into a stock corporation unless such conversion and the plan for conversion are approved by the Commission. The insurer shall comply with \u00a7 38.2-1028 before approval for conversion is granted by the Commission unless the Commission finds that the insurer will have the required capital and surplus within a reasonable time after conversion. A society or other nonstock company licensed under any chapter of this title except Chapter 10 (\u00a7 38.2-1000 et seq.) shall be licensed as a mutual insurer subject to \u00a7 38.2-1029 prior to seeking approval for conversion under \u00a7 38.2-1005.1 or \u00a7 38.2-1005.1:9.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15310,"edition_id":1,"name":"Organization of Domestic Insurers","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":12858,"metadata":{},"date_created":"2026-06-26 03:53:50","date_modified":"2026-06-26 03:53:50","permalink":{"id":210853,"object_type":"structure","relational_id":15310,"identifier":"1","token":"38.2\/10\/1","url":"\/38.2\/10\/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":58285,"structure_id":15310,"section_number":"38.2-1000","catch_line":"Incorporation of domestic stock insurers","url":"\/38.2-1000\/","token":"38.2\/10\/1\/38.2-1000","metadata":false},{"id":84575,"structure_id":15310,"section_number":"38.2-1001","catch_line":"Incorporation of domestic mutual insurers","url":"\/38.2-1001\/","token":"38.2\/10\/1\/38.2-1001","metadata":false},{"id":69780,"structure_id":15310,"section_number":"38.2-1002","catch_line":"Additional requirements of articles of incorporation; name","url":"\/38.2-1002\/","token":"38.2\/10\/1\/38.2-1002","metadata":false},{"id":82745,"structure_id":15310,"section_number":"38.2-1003","catch_line":"When corporate status attained; bylaws filed with Commission","url":"\/38.2-1003\/","token":"38.2\/10\/1\/38.2-1003","metadata":false},{"id":77980,"structure_id":15310,"section_number":"38.2-1004","catch_line":"Voting","url":"\/38.2-1004\/","token":"38.2\/10\/1\/38.2-1004","metadata":false},{"id":71096,"structure_id":15310,"section_number":"38.2-1005","catch_line":"Certain mutual companies and societies not to become stock companies without approval of Commission","url":"\/38.2-1005\/","token":"38.2\/10\/1\/38.2-1005","metadata":false},{"id":81081,"structure_id":15310,"section_number":"38.2-1005.1","catch_line":"Conversion of a domestic mutual insurer to a domestic stock insurer","url":"\/38.2-1005.1\/","token":"38.2\/10\/1\/38.2-1005.1","metadata":false}],"previous_section":{"id":77980,"structure_id":15310,"section_number":"38.2-1004","catch_line":"Voting","url":"\/38.2-1004\/","token":"38.2\/10\/1\/38.2-1004","metadata":false},"next_section":{"id":81081,"structure_id":15310,"section_number":"38.2-1005.1","catch_line":"Conversion of a domestic mutual insurer to a domestic stock insurer","url":"\/38.2-1005.1\/","token":"38.2\/10\/1\/38.2-1005.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1005\/","history_text":"

This law was first created in 1952. The record of its establishment is cataloged in chapter 317 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. Unfortunately, the 1952 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1970, chapter 636; in 1986, chapter 562; in 2001, chapter 726<\/a>.<\/p>","references":false,"refers_to":[{"id":58285,"section_number":"38.2-1000","catch_line":"Incorporation of domestic stock insurers","order_by":null,"url":"\/38.2-1000\/"},{"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":71758,"section_number":"38.2-1005.1:9","catch_line":"Conversion of mutual holding company","order_by":null,"url":"\/38.2-1005.1_9\/"},{"id":85672,"section_number":"38.2-1028","catch_line":"Additional licensing requirements for stock insurers","order_by":null,"url":"\/38.2-1028\/"},{"id":79650,"section_number":"38.2-1029","catch_line":"Additional licensing requirements for mutual insurers","order_by":null,"url":"\/38.2-1029\/"}],"permalink":{"id":210875,"object_type":"law","relational_id":71096,"identifier":"38.2-1005","token":"38.2\/10\/1\/38.2-1005","url":"\/38.2-1005\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1005\/","token":"38.2\/10\/1\/38.2-1005","dublin_core":{"Title":"Certain mutual companies and societies not to become stock companies without approval of Commission","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1005","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

No mutual insurance company<\/span>, mutual assessment property and casualty insurer<\/span>, cooperative nonprofit life benefit company, mutual assessment life, accident and sickness company, burial society, or fraternal benefit society shall be converted into a stock corporation unless such conversion and the plan for conversion are approved by the Commission<\/span>. The insurer<\/span> shall comply with \u00a7 38.2-1028<\/a> before approval for conversion is granted by the Commission<\/span> unless the Commission<\/span> finds that the insurer<\/span> will have the required capital and surplus within a reasonable time after conversion. A society or other nonstock company licensed under any chapter of this title except Chapter 10 (\u00a7 38.2-1000<\/a> et seq.) shall be licensed as a mutual insurer<\/span> subject to \u00a7 38.2-1029<\/a> prior to seeking approval for conversion under \u00a7 38.2-1005.1<\/a> or \u00a7 38.2-1005.1:9<\/a>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCERTAIN MUTUAL COMPANIES AND SOCIETIES NOT TO BECOME STOCK COMPANIES WITHOUT\nAPPROVAL OF COMMISSION (\u00a7 38.2-1005)\n\nNo mutual insurance company, mutual assessment property and casualty insurer,\ncooperative nonprofit life benefit company, mutual assessment life, accident and\nsickness company, burial society, or fraternal benefit society shall be\nconverted into a stock corporation unless such conversion and the plan for\nconversion are approved by the Commission. The insurer shall comply with \u00a7\n38.2-1028 before approval for conversion is granted by the Commission unless the\nCommission finds that the insurer will have the required capital and surplus\nwithin a reasonable time after conversion. A society or other nonstock company\nlicensed under any chapter of this title except Chapter 10 (\u00a7 38.2-1000 et\nseq.) shall be licensed as a mutual insurer subject to \u00a7 38.2-1029 prior to\nseeking approval for conversion under \u00a7 38.2-1005.1 or \u00a7 38.2-1005.1:9.\n\nHISTORY: 1952, c. 317, \u00a7 38.1-79; 1970, c. 636; 1986, c. 562; 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}}