Mutual insurance companies; stating findings; prohibiting modifications of corporate structures. Emergency.

Summary

The bill bars any mutual insurance company that was created by law and started with legislative money from converting to a stock insurer or changing its corporate structure until every policyholder receives the fair market value of their ownership interest dating back to Jan. 1, 2000. It does allow a conversion only to a mutual insurance holding company after those payments are made. The measure is intended to protect policyholders and takes effect immediately as an emergency law.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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