Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the applicable requirements of the laws of the District with respect to similar mutual legal reserve life insurance corporations if the plan of conversion has been approved by the Commissioner. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of 2/3 of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of the plan. No such conversion shall take effect unless approved by the Commissioner who may grant approval if the Commissioner finds that the proposed change is in conformity with the requirements of law and not prejudicial.
(Apr. 29, 1998, D.C. Law 12-86, § 1213, 45 DCR 1172.)
1981 Ed., § 35-1242.
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 53 - Fraternal Benefit Societies
§ 31–5302. Operation for benefit of members and their beneficiaries; bylaws
§ 31–5303. Qualifications for membership
§ 31–5305. Liability of officers and members
§ 31–5307. Organization of societies
§ 31–5309. Operations of nonprofit institutions
§ 31–5311. Consolidations and mergers
§ 31–5312. Conversion of fraternal benefit society into a mutual life insurance company
§ 31–5315. Benefits not attachable
§ 31–5317. Nonforfeiture benefits, cash surrender values, certificate loans, and other options
§ 31–5321. Applicability of provisions
§ 31–5322. Valuation standards for certificates
§ 31–5325. Examination of societies; no adverse publications
§ 31–5326. Foreign or alien society; admission
§ 31–5327. Injunction; liquidation; receivership of domestic society
§ 31–5328. Suspension; revocation or refusal of license of foreign or alien society
§ 31–5330. Licensing of agents
§ 31–5331. Unfair methods of competition; unfair and deceptive acts and practices