{"data":{"id":"us-dc/d.c.-code-31-903","jurisdiction":"us-dc","citation":"D.C. Code § 31-903","heading":"Approval of the plan of conversion by the Commissioner of the Department of Insurance, Securities, and Banking.","body":"(a)\nAfter adoption by the mutual company’s board of directors, the plan shall be submitted to the Commissioner for review and approval. The Commissioner shall approve the plan upon finding that:\n(1)\nThe provisions of this section have been complied with;\n(2)\nThe plan will not prejudice the interests of the members; and\n(3)\nThe plan’s method of allocating subscription rights is fair and equitable.\n\n(a-1)\nThe Commissioner, in his discretion, may order that a hearing on the plan be held, which hearing shall be conducted in accordance with the contested case procedures set forth in § 2-509.\n\n(a-2)\nA decision or order of the Commissioner, after a hearing conducted in accordance with the contested case procedures as set forth in subsection (a-1) of this section, may be reviewed as provided in § 2-510.\n\n(b)\nPrior to the members’ approval of the plan, a mutual company seeking the Commissioner’s approval of a plan shall file the following documents with the Commissioner for review and approval:\n(1)\nThe plan of conversion, including the independent evaluation of pro forma market value required by § 31-906(f);\n(2)\nThe form of notice required by § 31-904(b) for eligible members of the meeting to vote on the plan;\n(3)\nAny proxies to be solicited from eligible members pursuant to § 31-904(c);\n(4)\nThe form of notice required by § 31-910(a) for persons whose policies are issued after adoption of the plan but before its effective date; and\n(5)\nThe proposed articles of incorporation and bylaws of the converted stock company. Once filed, these documents shall be approved or disapproved by the Commissioner within a reasonable time.\n\n(c)\nAfter the members have approved the plan, the converted stock company shall file the following documents with the Commissioner:\n(1)\nThe minutes of the meeting of the members at which the plan was voted upon; and\n(2)\nThe revised articles of incorporation and bylaws of the converted stock company.\n\n(d)\nThe Commissioner may retain, at the mutual company’s expense, any qualified expert not otherwise a part of the Commissioner’s staff to assist in reviewing the plan and the independent evaluation of the pro forma market value which is required by § 31-906(i).","path":["Title 31. Insurance and Securities.","Chapter 9. Insurance Demutualization."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/31-903","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"89021ea2816061c33744ab07e0b34dad3a68c66d528d8177cb8da873fd8a2a24","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-31-902","next":"us-dc/d.c.-code-31-904"},"notice":"GroundRules: Original legal text. Not legal advice."}