Converting mutual definition

Converting mutual means a domestic mutual insurance company that has adopted a plan of conversion and an amendment to its articles of incorporation under this section that will, upon consummation, result in the domestic mutual insurance company converting into a domestic stock insurance company.
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Converting mutual means a domestic mutual insurer that adopts a plan of conversion under Section 3 of this Act that will result in the insurer converting into a domestic stock insurer.
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Examples of Converting mutual in a sentence

  • Medmarc shall file the Plan of Conversion with the Commissioner (“Commissioner”) of the Department of Financial Regulation of the State of Vermont (the “Department”) in accordance with 8 V.S.A. § 3423 (Converting mutual insurer or mutual insurance holding company) of the Vermont Insurance Code (“Conversion Statute”).

Related to Converting mutual

  • Aa2 and “P-1” for instruments with a term in excess of six months, (ii) with respect to rating assigned by S&P, “A-1” for short-term instruments and “A” for long-term instruments, and (iii) with respect to rating assigned by Fitch (if such investment is rated by Fitch), “F-1+” for short-term instruments and “AAA” for long-term instruments.

  • Remaining Weighted Average Life on a given date with respect to any Equipment Note shall be the number of days equal to the quotient obtained by dividing (a) the sum of each of the products obtained by multiplying (i) the amount of each then remaining scheduled payment of principal of such Equipment Note by (ii) the number of days from and including such determination date to but excluding the date on which such payment of principal is scheduled to be made, by (b) the then outstanding principal amount of such Equipment Note.

  • Money market mutual fund means an open-end managed investment fund:

  • Weighted Average Life As of any date of determination with respect to all Collateral Obligations other than Defaulted Obligations, the number of years following such date obtained by summing the products obtained by multiplying:

  • Total Open-End Mutual Fund Average Net Assets means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by ▇▇▇▇▇▇ Management (excluding the net assets of such funds investing in, or invested in by, other such funds, such as ▇▇▇▇▇▇ RetirementReady® Funds and ▇▇▇▇▇▇ Money Market Liquidity Fund, to the extent necessary to avoid "double-counting" of such net assets) at the close of business on each business day during each month while the Management Contract is in effect.