(a) A stock insurer may amend its articles of incorporation in the same manner as other corporations, but no such amendment shall reduce authorized capital below the amount required by this chapter for the kinds of insurance thereafter to be transacted and except that no such amendment shall be filed with or accepted by the Secretary of State unless approved in writing by the commissioner.
(b) A mutual insurer may amend its articles of incorporation by the affirmative vote of two thirds of its members present in person or by proxy at a regular or special meeting of members of which notice in writing setting forth the proposed amendment was mailed to all members at least thirty days in advance, except that no such amendment shall reduce the surplus below the amount required by this chapter for the kinds of insurance thereafter to be transacted and except that no such amendment shall be filed with or accepted by the Secretary of State unless approved in writing by the commissioner.
Structure West Virginia Code
Article 5. Organization and Procedures of Domestic Stock and Mutual Insurers
§33-5-2. Application of General Laws
§33-5-3. Articles of Incorporation
§33-5-4. Certificate of Incorporation
§33-5-5. Amendment of Articles of Incorporation
§33-5-6. Formation of Mutuals -- Applications for Insurance
§33-5-8. Formation of Mutuals -- Assets Required; Temporary Capital Stock
§33-5-12. Corporate Rights of Mutual Members
§33-5-13. Contingent Liability of Mutual Members
§33-5-14. Enforcement of Contingent Liability
§33-5-15. Mutual Nonassessable Policies
§33-5-16. Participating Policies
§33-5-17. Dividends to Stockholders
§33-5-18. Dividends to Mutual Members
§33-5-19. Illegal Dividends; Liability; Penalty
§33-5-20. Borrowing by Insurers
§33-5-21. Management and Exclusive Agency Contracts
§33-5-22. Impairment of Capital or Assets
§33-5-23. Mutualization of Stock Insurer
§33-5-24. Converting Mutual Insurer
§33-5-25. Mergers and Consolidations of Stock Insurers
§33-5-27. Redomestication of Stock and Mutual Insurers
§33-5-28. Mergers and Consolidations of Mutual Insurers