611.02 Scope and purposes. (1) SCOPE. (a) Domestic insurers. This chapter applies to all insurance corporations, including domestic surplus lines insurers, as defined in s. 618.40 (3m), organized under the laws of this state, except those expressly governed by other chapters. (b) Nondomestic insurers. Except as expressly provided, this chapter does not apply to nondomestic insurers. (2) PURPOSES. The purposes of this chapter are: (a) To provide a complete, self-contained procedure for the formation of insurance corporations; (b) To assure the solidity of insurance corporations by provid-
611.71 611.72 611.73 611.74 611.75 611.76 611.77 611.78 611.785 611.79
611.94
Communications to shareholders or policyholders and commissioner’s attendance at meetings. Mutual policyholders’ voting rights. Mutual policyholders’ proxy voting. Remote participation in policyholder meetings. Annual report to mutual policyholders. Board of directors. Election and removal of directors and officers of stock corporations. Selection and removal of directors and officers of mutuals. Supervision of management changes. Continuity of management in emergencies. Committees of directors. Interlocking directorates and other relationships. Transactions in which directors and others are interested. Transactions of insurers with affiliates. Directors’ and officers’ liability and indemnification. Executive compensation. Exclusive agency contracts. Management contract services. Dividends and other distributions. SUBCHAPTER V CORPORATE REORGANIZATION Acquisition of all of the shares or of a class of shares of an insurance corporation. Merger or other acquisition of control of a stock insurance corporation. Merger of mutuals. Voluntary dissolution of domestic insurance corporations. Conversion of a domestic stock corporation into a mutual. Conversion of a domestic mutual into a stock corporation. Conversion of assessable to nonassessable and nonassessable to assessable mutuals. Transfer of business or assets. Dissenters’ rights. Conversion of a domestic mutual life insurance company into a fraternal. SUBCHAPTER VI MISCELLANEOUS PROVISIONS Trustee of proceeds.
History: 1971 c. 260; 2017 a. 16.