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Current as of January 01, 2025 | Updated by Findlaw Staff
(1) Authorization. Any service insurance corporation may be converted into a stock insurance corporation under ch. 611 upon complying with sub. (2) and as much of s. 611.76 as is applicable, or into a mutual under ch. 611 upon complying with sub. (2) and s. 611.75.
(2) Approval by persons entitled to vote. The commissioner shall not issue an organization permit under s. 611.13(3) or a certificate of authority under s. 611.22(3) unless the conversion has been approved by a mail vote of at least two-thirds of those voting, including an affirmative vote of at least half of the members, or by a vote of at least two-thirds of the members present or represented by proxy at a special meeting called for that purpose.
Cite this article: FindLaw.com - Wisconsin Statutes Insurance (Ch. 600 to 655) § 613.75. Conversion of a service insurance corporation into a stock or mutual insurance corporation - last updated January 01, 2025 | https://codes.findlaw.com/wi/insurance-ch-600-to-655/wi-st-613-75/
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