WI SB98

Cooperative associations organized under s. 185.981 (nonprofit health care plans) may convert into service insurance corporations under Chapter 613

Conversion requires a board-adopted plan detailing reasons, terms, proposed name, and articles/bylaws, followed by commissioner approval after review for legal compliance, adequate surplus/provider contracts, and member/public interest

Members must approve the plan in accordance with Chapter 185, and articles of conversion must be filed with the Department of Financial Institutions

The new service insurance corporation inherits all assets and obligations of the former cooperative, retains the original incorporation date, and receives up to one year to adjust to Chapter 613 requirements

Existing officers and directors become initial leadership of the new corporation; conversion expenses are limited to regular salaries, with commissioner approval required for printing and professional fees