Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of this chapter for the initial licensing of a domestic mutual life insurer, if such plan of conversion has been approved by the commissioner. Such plan shall be prepared in writing setting forth in full the terms and conditions thereof. The board of directors shall submit such plan to the supreme legislative or governing body of such society at any regular or special meeting thereof, by giving a full, true and complete copy of such plan with the notice of such meeting. Such notice shall be given as provided in the laws of the society for the convocation of a regular or special meeting of such body, as the case may be. The affirmative vote of two thirds of all members of such body shall be necessary for the approval of such agreement. No such conversion shall take effect unless and until approved by the commissioner who may give such approval if he finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.
Structure West Virginia Code
Article 23. Fraternal Benefit Societies
§33-23-2. Applicability of Other Provisions
§33-23-2a. Applicability of Insurance Fraud Prevention Act
§33-23-3. Fraternal Benefit Societies Defined
§33-23-4. Lodge System Defined
§33-23-5. Representative Form of Government Defined
§33-23-7. Retention of Corporate Powers by Existing Incorporated Societies
§33-23-8. Incorporation of Existing Voluntary Associations
§33-23-9. Office and Meetings of Domestic Society
§33-23-10. Consolidations and Mergers
§33-23-11. Conversion of Society to Mutual Life Insurer
§33-23-12. Qualifications for Benefit Membership
§33-23-13. Amendment of Articles of Incorporation, Constitution or Laws
§33-23-14. Operation of Charitable, Benevolent or Educational Institutions
§33-23-15. Payment of Benefits Other Than Insurance Benefits
§33-23-16. No Personal Liability for Payment of Benefits
§33-23-17. Kinds of Benefits Authorized
§33-23-18. Benefits on Lives of Children
§33-23-19. Nonforfeiture Benefits, Cash Surrender Values, Loans and Options
§33-23-21. Benefits Not Liable to Process
§33-23-22. Certificates and Agreement With Members
§33-23-23. Approval of Certificates; Standard and Prohibited Provisions
§33-23-24. Filing and Approval of Accident and Sickness Insurance Certificates
§33-23-25. Waiver of Laws and Constitution of Society
§33-23-27. Licensing of Foreign and Alien Societies
§33-23-29. Fees; Exemption of Funds and Assets From Taxation
§33-23-32. Reports and Synopses of Annual Statements; Valuations