New York State
Insurance Department
 

HEARING SET FOR PIONEER MUTUAL INSURANCE COMPANY
PROPOSED DEMUTUALIZATION


New York, February 25, 1998 

Superintendent of Insurance Neil D. Levin today announced that the Department has scheduled a public hearing to consider an application from Pioneer Mutual Insurance Company, headquartered in Greenville, NY, to convert from a mutual property/casualty insurer to a stock property/casualty insurer as a means of increasing its capital base. The conversion must be approved by the Department as well as the company’s policyholders. 

The hearing is scheduled for:

DATE:
TIME:
PLACE:
      April 3, 1998
      11:10 a.m
      Legislative Office Building, Hearing Room C
      Empire State Plaza, Albany, NY

The proposed conversion will not affect current policies written by Pioneer Mutual Insurance Company. However, the Superintendent must determine if the demutualization plan is fair and equitable to policyholders, not detrimental to the public, and that the reorganized company will have the capital and surplus deemed reasonably necessary for its future solvency. 

Those wishing to speak at the hearing should notify Deborah Greer at (518) 474-4567 at the Insurance Department’s Albany Office. In accordance with the Americans with Disabilities Act, the Department will provide a reasonable accommodation, such as a sign language interpreter, a qualified reader, etc., at no charge to any covered individual wishing to attend or testify at the hearing when such a request is made at least 7 days before the hearing. 

Those unable to attend the hearing may submit written statements for inclusion in the official record within 10 business days after the hearing date to: Public Affairs and Research Bureau, New York State Insurance Department, 25 Beaver Street, New York, NY 10004. 

After the hearing, the Superintendent will review the company’s plan and may request modifications. The approved plan is subject to the vote of Pioneer Mutual policyholders.


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