(1)(a) A member is an eligible member of a domestic mutual insurer for purposes of ORS 732.600 to 732.630 if the member’s policy is in force as of the record date for a plan of conversion or reorganization.
(b) For purposes of this subsection, the record date is the date on which the mutual insurer’s board of directors adopts the plan of conversion or reorganization or on some other date that the plan specifies as the record date and that the Director of the Department of Consumer and Business Services approves.
(2)(a) A member is an eligible member of a mutual holding company for purposes of ORS 732.622 and 732.624 if the member’s policy is in force as of the record date for a plan of restructuring.
(b) For purposes of this subsection, the record date is the date on which the mutual holding company’s board of directors adopts the plan of restructuring or on another date the plan specifies as the record date and that the director approves.