AZ SB1081

Allows domestic mutual insurers to convert to stock insurers and reorganize into mutual holding company structures with director approval and member voting.

Requires converting insurers to file reorganization plans with the director showing the conversion is fair, equitable, and protects policyholders' rights and interests.

Mandates approval by at least two-thirds of eligible members voting on the plan after a minimum 30-day notice period and director approval.

Permits mutual holding companies to hold voting stock in converted stock insurers and intermediate holding companies, with restrictions preventing majority voting stock from being transferred or encumbered.

Establishes mutual holding companies as non-insurers under state law but subject to specific insurance regulations, with member voting rights restricted to one vote per person regardless of policy count.