                                 CODE OF VIRGINIA

CONVERSION OF MUTUAL HOLDING COMPANY (§ 38.2-1005.1:9)

A mutual holding company may reorganize as a stock holding company by complying
with the applicable provisions of § 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 § 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.

HISTORY: 2001, c. 726.