(1) consolidate, merge with or acquire the assets of any other domestic company, and
(2) consolidate or merge with any foreign company which is authorized to do an insurance business in this state or acquire the assets of any foreign company if such merger, consolidation or acquisition of assets is authorized by the laws of the state in which such foreign company is organized.
(b) A stock company may merge or consolidate with another stock company or a reciprocal insurer, but shall not merge or consolidate with a mutual company; provided, however, a domestic mutual life insurance company may merge with a wholly-owned subsidiary stock life insurance company of the said domestic mutual life insurance company in circumstances in which the said domestic mutual life insurance company shall be the surviving company. A reciprocal insurer may merge with a stock company.
(c) A proposed consolidation shall not be approved unless the consolidated company has the capital, surplus, or surplus to policyholders which a similar company would be required to maintain if initially licensed to write the same kinds of insurance on the date of the consolidation.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.