Section 11537.2 Of Chapter 14. Conversion Of An Incorporated Mutual Life Or Life And Disability Insurer Into An Incorporated Stock Life Insurer Issuing Policies On A Reserve Basis From California Insurance Code >> Division 2. >> Part 2. >> Chapter 14.
11537.2
. A plan of conversion adopted by a mutual life insurer for
the establishment of a mutual holding company shall provide that the
mutual life insurer will become a stock life insurer, that the
members of the mutual life insurer will become members of a mutual
holding company, that the mutual holding company will acquire at
least 51 percent of the voting stock of the stock holding company,
and that the stock holding company will acquire all of the voting
stock of the converted insurer.