Section 11541.1 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.
11541.1
. At any time before that plan of conversion becomes
effective as provided in Section 11542, the mutual company may, by
resolution of a majority of the board of directors, amend the plan of
conversion or withdraw the plan of conversion. Any plan amendment
shall require the written consent of the commissioner. For a plan
amendment, all references in this chapter to the plan of conversion
shall be deemed to refer to the plan as amended, but no amendment
shall be deemed to change the adoption date of the plan of
conversion. No amendment may change the plan of conversion in a
manner that the commissioner determines is materially disadvantageous
to policyholders of the mutual life insurer or members of the mutual
holding company, unless a further public hearing is held on the plan
as amended, if the amendment is made after the initial public
hearing, or if the plan as amended is submitted for reconsideration
by the members if the amendment is made after the plan has been
approved by the members.