2017 ORS 732.604¹
Permissible actions of domestic mutual insurer
  • rules

(1) A domestic mutual insurer may engage in either of the following actions:

(a) A conversion to a domestic stock insurer; or

(b) A reorganization in which the domestic mutual insurer is converted to a domestic stock insurer; and

(A) A mutual holding company is organized; or

(B) A stock holding company is organized.

(2) A mutual holding company may restructure into a stock holding company, as provided in 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).

(3) A reorganization involving the organization of a mutual holding company also may include the organization of an intermediate stock holding company and any other corporation that is permitted to be organized under ORS 732.600 (Definitions for ORS 732.600 to 732.630) to 732.630 (Dissenters’ rights). A reorganization involving the organization of a stock holding company also may include the organization of any other corporation that is permitted to be organized under ORS 732.600 (Definitions for ORS 732.600 to 732.630) to 732.630 (Dissenters’ rights).

(4) The Director of the Department of Consumer and Business Services may adopt rules for any of the following purposes:

(a) Implementing ORS 732.600 (Definitions for ORS 732.600 to 732.630) to 732.630 (Dissenters’ rights).

(b) Ensuring full and proper review of any action described in ORS 732.600 (Definitions for ORS 732.600 to 732.630) to 732.630 (Dissenters’ rights).

(c) Protecting the rights of policyholders, members and the insurance-buying public with respect to a conversion, reorganization or restructuring. [1997 c.771 §3]

1 Legislative Counsel Committee, CHAPTER 732—Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors732.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.