California Insurance Code

§ 1560.18

INS § 1560.18 Effective Jan 1, 1999Div. 1 · Part 2 · Ch. 3 · Art. 17

Statute text

(a)The articles of incorporation of a converted insurer that have been adopted pursuant to a plan of conversion and filed with the Secretary of State in accordance with Section 1560.10 may be further amended after the effective date pursuant to applicable law. The plan of conversion may be amended in other respects after the effective date of the plan as specified in this section. An amendment of the plan of conversion shall take effect upon filing with the Secretary of State after compliance with the following:

(1)Approval by a resolution of at least two-thirds of the board of directors of the converted insurer. The resolution shall specify the reasons for and the purposes of the proposed amendment.

(2)Submission to the commissioner for consent in writing, subject to the provisions of Section 1560.05.

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Legislative history

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