2011 ORS § 732.600¹
Definitions for ORS 732.600 to 732.630

As used in ORS 732.600 (Definitions for ORS 732.600 to 732.630) to 732.630 (Dissenters rights):

(1) Conversion means the process by which a domestic mutual insurer is converted to a domestic stock insurer in accordance with ORS 732.600 (Definitions for ORS 732.600 to 732.630) to 732.630 (Dissenters rights).

(2) Converted stock insurer means the domestic stock insurer to which the domestic mutual insurer is converted in accordance with ORS 732.600 (Definitions for ORS 732.600 to 732.630) to 732.630 (Dissenters rights).

(3) Converting mutual insurer means the domestic mutual insurer that is converted to a domestic stock insurer in accordance with ORS 732.600 (Definitions for ORS 732.600 to 732.630) to 732.630 (Dissenters rights).

(4) Effective date means, with respect to a plan, the date on which the plan becomes effective as set forth in an order of the Director of the Department of Consumer and Business Services. If the plan establishes different effective dates for separate parts of the plan, the effective date for a part of a plan is the date on which that part becomes effective as set forth in an order of the director.

(5) Intermediate stock holding company means a corporation that owns, either directly or through a wholly owned subsidiary, all of the outstanding shares of capital stock of the converted stock insurer and:

(a) A majority of whose outstanding shares of voting capital stock are owned by a mutual holding company; and

(b) A majority in total value of whose outstanding shares of capital stock are owned by a mutual holding company.

(6) Issuer means any of the following, and in addition, any other corporation approved by the director:

(a) With respect to a conversion in which there is no reorganization, the converted stock insurer.

(b) With respect to a reorganization involving the organization of a stock holding company, the stock holding company.

(c) With respect to a restructuring, the restructured stock holding company.

(7) Member means:

(a) With respect to a domestic mutual insurer, any owner of one or more policies of insurance, other than a policy of reinsurance, issued by the mutual insurer. For purposes of this definition, owner has the meaning given that term in ORS 732.465 (Members of domestic mutual insurers) (3). A member is an eligible member of a domestic mutual insurer for purposes of ORS 732.600 (Definitions for ORS 732.600 to 732.630) to 732.630 (Dissenters rights) if the policy of the member is in force as of the record date for the plan of conversion or reorganization, which is the date the board of directors of the mutual insurer adopts the plan or some other date specified as the record date in the plan and approved by the director.

(b) With respect to a mutual holding company, any owner of one or more policies of insurance, other than a policy of reinsurance, issued by the stock insurer resulting from a reorganization involving the organization of a mutual holding company and, if set forth in an order of the director, any owner of one or more policies of insurance, other than a policy of reinsurance, issued by any other insurer that is a direct or indirect subsidiary of the mutual holding company. For purposes of this definition, owner has the meaning given that term in ORS 732.465 (Members of domestic mutual insurers) (3). A member is an eligible member of a mutual holding company for purposes of ORS 732.622 (Restructuring of mutual holding company) and 732.624 (Approval by Director of Department of Consumer and Business Services of mutual holding company restructuring plan) if the policy of the member is in force as of the record date for the plan of restructuring, which is the date the board of directors of the mutual holding company adopts the plan or some other date specified as the record date in the plan and approved by the director.

(8) Membership interest means:

(a) With respect to a domestic mutual insurer, any right that a member of the mutual insurer may hold by virtue of membership in the mutual insurer.

(b) With respect to a mutual holding company, any right that a member of the mutual holding company may hold by virtue of membership in the mutual holding company.

(9) Mutual holding company means a corporation organized under the laws of this state in accordance with ORS 732.620 (Status of mutual holding company as corporation).

(10) Plan means a plan of conversion, reorganization or restructuring.

(11) Reorganization means the process by which a domestic mutual insurer is converted to a domestic stock insurer and either a stock holding company or a mutual holding company is organized in accordance with ORS 732.600 (Definitions for ORS 732.600 to 732.630) to 732.630 (Dissenters rights).

(12) Restructured stock holding company means the stock holding company resulting from the restructuring of a mutual holding company.

(13) Restructuring means the process by which a mutual holding company is restructured to a stock holding company in accordance with ORS 732.622 (Restructuring of mutual holding company) and 732.624 (Approval by Director of Department of Consumer and Business Services of mutual holding company restructuring plan).

(14) Restructuring mutual holding company means the mutual holding company that is restructured to a stock holding company.

(15) Stock holding company means a corporation that:

(a) Owns, either directly or through one or more subsidiaries, all or part of the outstanding shares of capital stock of the converted stock insurer;

(b) Is organized either as a result of a reorganization or as a result of a restructuring; and

(c) Immediately after the effective date of the reorganization or restructuring, is not controlled by any other person, as controlled is defined in ORS 732.548 (Definitions for ORS 732.517 to 732.592), unless the control by such person is set forth in the plan and approved by the director.

(16) Voting capital stock means capital stock whose holder has the right to vote in the election of directors. Voting capital stock does not include capital stock as to which the right to vote in the election of directors is conditional upon the occurrence or nonoccurrence of a specified event. [1997 c.771 §2]