{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1006.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1006.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1006.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1006.html"}],"law_id":66586,"edition_id":1,"section_id":66586,"structure_id":15461,"section_number":"38.2-1006","catch_line":"Conversion of a domestic stock insurer to a mutual insurer","history":"Code 1950, \u00a7\u00a7 38-420, 38-424; 1952, c. 317, \u00a7\u00a7 38.1-489, 38.1-493; 1986, c. 562.","full_text":"A\n\nAny domestic stock life insurer may become a mutual life insurer, and to that end may carry out a plan for the acquisition of shares of its capital stock by purchase, gift or bequest, if the plan:1\n\nHas been adopted by a vote of a majority of the directors of the insurer;2\n\nHas been approved by a vote of the holders of at least two-thirds of the stock outstanding at a meeting called for that purpose;3\n\nHas been submitted to and approved by the Commission; and4\n\nHas been approved by a majority vote of the policyholders voting at a meeting called for that purpose. Only those policyholders whose insurance is then in force and has been in force for at least one year before the meeting shall be entitled to vote.B\n\nFor the purpose of this article, “policyholder” shall include the employer, or the president, secretary or other executive officer of any corporation or association, to which a master group policy has been issued, but shall exclude the holders of certificates or policies issued under or in connection with a master group policy.","order_by":null,"text":{"0":{"id":241591,"text":"Any domestic stock life insurer may become a mutual life insurer, and to that end may carry out a plan for the acquisition of shares of its capital stock by purchase, gift or bequest, if the plan:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":241592,"text":"Has been adopted by a vote of a majority of the directors of the insurer;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":241593,"text":"Has been approved by a vote of the holders of at least two-thirds of the stock outstanding at a meeting called for that purpose;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":241594,"text":"Has been submitted to and approved by the Commission; and","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":241595,"text":"Has been approved by a majority vote of the policyholders voting at a meeting called for that purpose. Only those policyholders whose insurance is then in force and has been in force for at least one year before the meeting shall be entitled to vote.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":241596,"text":"For the purpose of this article, “policyholder” shall include the employer, or the president, secretary or other executive officer of any corporation or association, to which a master group policy has been issued, but shall exclude the holders of certificates or policies issued under or in connection with a master group policy.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4"}},"ancestry":[{"id":15461,"edition_id":1,"name":"Conversion of Domestic Stock Insurer to Mutual Insurer","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":12858,"metadata":{},"date_created":"2026-06-26 03:55:12","date_modified":"2026-06-26 03:55:12","permalink":{"id":210937,"object_type":"structure","relational_id":15461,"identifier":"2","token":"38.2\/10\/2","url":"\/38.2\/10\/2\/","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":66586,"structure_id":15461,"section_number":"38.2-1006","catch_line":"Conversion of a domestic stock insurer to a mutual insurer","url":"\/38.2-1006\/","token":"38.2\/10\/2\/38.2-1006","metadata":false},{"id":63106,"structure_id":15461,"section_number":"38.2-1007","catch_line":"Notice to policyholders of meeting to approve conversion","url":"\/38.2-1007\/","token":"38.2\/10\/2\/38.2-1007","metadata":false},{"id":60389,"structure_id":15461,"section_number":"38.2-1008","catch_line":"Conduct of and voting at meeting","url":"\/38.2-1008\/","token":"38.2\/10\/2\/38.2-1008","metadata":false},{"id":60066,"structure_id":15461,"section_number":"38.2-1009","catch_line":"Payment for shares pursuant to conversion plan","url":"\/38.2-1009\/","token":"38.2\/10\/2\/38.2-1009","metadata":false},{"id":69061,"structure_id":15461,"section_number":"38.2-1010","catch_line":"How acquired shares held","url":"\/38.2-1010\/","token":"38.2\/10\/2\/38.2-1010","metadata":false},{"id":80248,"structure_id":15461,"section_number":"38.2-1011","catch_line":"Disposition of dividends after payments provided in conversion plan","url":"\/38.2-1011\/","token":"38.2\/10\/2\/38.2-1011","metadata":false},{"id":65293,"structure_id":15461,"section_number":"38.2-1012","catch_line":"Jurisdiction to compel completion of mutualization","url":"\/38.2-1012\/","token":"38.2\/10\/2\/38.2-1012","metadata":false},{"id":72720,"structure_id":15461,"section_number":"38.2-1013","catch_line":"Venue of proceedings","url":"\/38.2-1013\/","token":"38.2\/10\/2\/38.2-1013","metadata":false},{"id":81422,"structure_id":15461,"section_number":"38.2-1014","catch_line":"Parties and process","url":"\/38.2-1014\/","token":"38.2\/10\/2\/38.2-1014","metadata":false},{"id":64632,"structure_id":15461,"section_number":"38.2-1015","catch_line":"Determining value of stock outstanding; dismissal of petition or entry of decree requiring payment for and transfer of stock","url":"\/38.2-1015\/","token":"38.2\/10\/2\/38.2-1015","metadata":false},{"id":58891,"structure_id":15461,"section_number":"38.2-1016","catch_line":"Amendment of charter and bylaws; change of name; retirement and cancellation of stock; when mutualization effective; assets and liabilities; officers and directors; general restrictions and powers","url":"\/38.2-1016\/","token":"38.2\/10\/2\/38.2-1016","metadata":false}],"next_section":{"id":63106,"structure_id":15461,"section_number":"38.2-1007","catch_line":"Notice to policyholders of meeting to approve conversion","url":"\/38.2-1007\/","token":"38.2\/10\/2\/38.2-1007","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1006\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 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 1952, chapter 317; in 1986, chapter 562.<\/p>","references":[{"id":63106,"section_number":"38.2-1007","catch_line":"Notice to policyholders of meeting to approve conversion","order_by":null,"url":"\/38.2-1007\/"},{"id":60389,"section_number":"38.2-1008","catch_line":"Conduct of and voting at meeting","order_by":null,"url":"\/38.2-1008\/"},{"id":69061,"section_number":"38.2-1010","catch_line":"How acquired shares held","order_by":null,"url":"\/38.2-1010\/"},{"id":80248,"section_number":"38.2-1011","catch_line":"Disposition of dividends after payments provided in conversion plan","order_by":null,"url":"\/38.2-1011\/"}],"refers_to":false,"permalink":{"id":210939,"object_type":"law","relational_id":66586,"identifier":"38.2-1006","token":"38.2\/10\/2\/38.2-1006","url":"\/38.2-1006\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1006\/","token":"38.2\/10\/2\/38.2-1006","dublin_core":{"Title":"Conversion of a domestic stock insurer to a mutual insurer","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1006","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any domestic stock life insurer<\/span> may become a mutual life insurer<\/span>, and to that end may carry out a plan for the acquisition of shares of its capital stock by purchase, gift or bequest, if the plan: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Has been adopted by a vote of a majority of the directors of the insurer<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Has been approved by a vote of the holders of at least two-thirds of the stock outstanding at a meeting called for that purpose; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Has been submitted to and approved by the Commission<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Has been approved by a majority vote of the policyholders<\/span> voting at a meeting called for that purpose. Only those policyholders<\/span> whose insurance<\/span> is then in force and has been in force for at least one year before the meeting shall be entitled to vote. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> For the purpose of this article, “policyholder<\/span>” shall include the employer, or the president, secretary or other executive officer of any corporation or association, to which a master group policy has been issued, but shall exclude the holders of certificates or policies issued under or in connection with a master group policy. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONVERSION OF A DOMESTIC STOCK INSURER TO A MUTUAL INSURER (\u00a7 38.2-1006)\n\nA. Any domestic stock life insurer may become a mutual life insurer, and to that\nend may carry out a plan for the acquisition of shares of its capital stock by\npurchase, gift or bequest, if the plan:\n\n 1. Has been adopted by a vote of a majority of the directors of the insurer;\n\n 2. Has been approved by a vote of the holders of at least two-thirds of the\n stock outstanding at a meeting called for that purpose;\n\n 3. Has been submitted to and approved by the Commission; and\n\n 4. Has been approved by a majority vote of the policyholders voting at a\n meeting called for that purpose. Only those policyholders whose insurance is\n then in force and has been in force for at least one year before the meeting\n shall be entitled to vote.\n\nB. For the purpose of this article, “policyholder” shall include the\nemployer, or the president, secretary or other executive officer of any\ncorporation or association, to which a master group policy has been issued, but\nshall exclude the holders of certificates or policies issued under or in\nconnection with a master group policy.\n\nHISTORY: Code 1950, \u00a7\u00a7 38-420, 38-424; 1952, c. 317, \u00a7\u00a7 38.1-489, 38.1-493;\n1986, c. 562.","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}}