California Insurance Code

§ 1560.06

INS § 1560.06 Effective Jan 1, 1999Div. 1 · Part 2 · Ch. 3 · Art. 17

Statute text

The meeting of subscribers prescribed by subdivision (c) of Section 1560.03 shall be called by the governing board, the chairperson of the board, or the president of the domestic reciprocal insurer. Notice of the meeting shall be given to eligible subscribers by mail at least 45 days prior to the date set for the meeting to subscribers of the domestic reciprocal insurer of record on the date the plan of conversion was adopted by the governing board. The notice shall be accompanied by an information statement describing the proposed reorganization. The information statement shall include, at a minimum, all of the following items:

(a)A full copy and summary of the plan of reorganization.

(b)A discussion addressing the reasons and purposes of the proposed restructuring, which shall include a comparison to a dereciprocalization.

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Legislative history

Added by Stats. 1998, Ch. 421, Sec. 2. Effective January 1, 1999.