Pennsylvania Statutes Title 40 P.S. Insurance § 912-A. Definitions

As used in this article, the following words and phrases shall have the meanings given to them in this section:

“Commissioner.” The Insurance Commissioner of the Commonwealth.

“Converted stock company.”A Pennsylvania-domiciled stock insurance company that converted from a Pennsylvania-domiciled mutual insurance company under this article.

“Department.” The Insurance Department of the Commonwealth.

“Eligible member.”A member of a mutual company whose policy is in force on the date the mutual company's board of directors adopts a plan of conversion. A person insured under a group policy is not an eligible member. A person whose policy becomes effective after the board of directors adopts the plan but before the plan's effective date is not an eligible member but shall have those rights established under section 809-A.  1

“Mutual company.”A Pennsylvania domestic mutual insurance company that is seeking to convert to a stock insurance company under this article.

“Participating policy.”A policy that grants a holder the right to receive dividends if, as and when declared by the mutual company.

“Person.” An individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, a similar entity or a combination of the foregoing acting in concert.

“Plan of conversion” or “plan.”A plan adopted by a mutual company's board of directors under this article to convert the mutual company into a stock company.

“Policy.” An insurance policy, including an annuity contract.

“Stock company.”A stock insurance company that meets all of the current requirements for admission to do business as a domestic Pennsylvania insurer.