hf2763 FIRST ENGROSSMENT Mutual insurance holding company authorized to
reorganized into a stock company, ceding transaction accounting provisions
modified, and workers' compensation rating plan threshold calculations modified.
Section 1: Related terms defined. Subdivision 2: Mutual insurance companies
authorized to become corporations or to reorganize into stock companies. Subd. :
Plan of conversion adopted. Subd. 4: Filing of plan procedures provided. Subd.
5: Plan approval procedures provided. Subd. 6: Converting mutual holding company
filing procedures clarified and effective date provided. Subd. 7: Conforming
changes. Subd. 8: Share conversion procedure provided. Subd. 9: Distribution of
distributable net worth procedure provided. Subd. 10: Subscription rights
clarified. Subd. 11: Optional provisions provided. Subd. : Alternative plan of
conversion provided. Subd. 13: All membership interests in converting mutual
company extinguished on effective date of a conversion.Subd. 14-16: No
change.Subd. 16a: Continuance of participating policy dividends provided.Subd.
17: Supervisory concerns provided.Subd. 18: Postconversion acquisition dates
modified. Sec. 2: Actual unearned premium reserve no longer required to be
carried as a liability. Sec. 3: Written workers' compensation generated from
other states included in calculating the 250,000 threshold.AE