NOTICE OF HEARING
Physicians Insurance Exchange is a property and casualty insurance company organized under the laws of the state of Washington. Its administrative offices are located at 1730 Minor Avenue, Suite 1800, Seattle, Washington 98101.
Physicians Insurance Exchange has as its form of corporate organization that of a reciprocal insurer. The corporate organization of reciprocal insurers is prescribed by the provisions of Chapter 48.10 RCW.
The Subscribers Council of Physicians Insurance Exchange, and the Board of Directors of the Attorney-In-Fact, Washington State Physicians Insurance Association, Inc., has concluded that the long term advantages to it would be better served by converting the company’s corporate form of organization from that of a reciprocal insurance company to that of a mutual insurance company.
A conversion of a reciprocal insurer to a mutual insurer is controlled by RCW 48.10.330. Pursuant to RCW 48.10.330(1), a notice to subscribers was submitted to the Insurance Commissioner on March 19, 1999. The notice was approved by the Insurance Commissioner on March 25, 1999.
The provisions of RCW 48.04.010 authorize the Insurance Commissioner of the state of Washington to hold a public hearing for any purpose within the scope of Title 48 she may deem necessary. The Insurance Commissioner has determined it is appropriate a public hearing be held on the conversion of Physicians Insurance Exchange from a reciprocal insurance company to a mutual insurance company.
YOU ARE HEREBY NOTIFIED that a hearing will be held commencing Monday, June 28, 1999, at 10:00 a.m. in the 2nd Floor Conference Room at 420 Golf Club Road, Lacey, Washington 98503 (location subject to change) to consider the proposed conversion of Physicians Insurance Exchange.
The basic facts relied on are those materials filed with the Insurance Commissioner pertaining to the proposed conversion. Those documents will be made part of the record of the hearing.
All parties may be represented at the hearing. They may examine witnesses and fully respond and present evidence and argument on all issues involved, as required by the Administrative Procedure Act. The hearing will be governed by the Administrative Procedure Act, Chapter 34.05 RCW, and the model rules of procedure contained in Chapter 10-08 WAC. A party who fails to attend or participate in any stage of the proceeding may be held in default in accordance with Chapter 34.05 RCW. Any party wishing to testify at the hearing should notify the hearing officer in writing at least seven days prior to the hearing of their desire to participate.
Assistant Deputy Commissioner John B. Woodall has been designated to hear and determine this matter. His address is Office of the Insurance Commissioner, Post Office Box 40259, Olympia, Washington 98504-0259. His telephone number is (360) 407-0535.
ENTERED AT OLYMPIA, WASHINGTON, this 11th day of May, 1999.
| Deborah Senn | |
| Insurance Commissioner | |
| By: | |
| John B. Woodall | |
| Assistant Deputy Commissioner | |
| for Company Supervision |