Amendment of articles of incorporation; approval of Commissioner; applicability to existing insurers.
1. An amendment of articles of incorporation of a domestic insurer shall not be filed or accepted for filing with the Secretary of State unless first submitted to and approved by the Commissioner.
2. The insurer shall deliver executed quadruplicate originals of the proposed articles of amendment to the Commissioner. If the Commissioner finds the same to be in accordance with law, he shall endorse his approval on each set of the articles of amendment and return the same to the insurer. The insurer shall then file the original set with the Secretary of State, one set with the Commissioner, and otherwise as required by law. If the Commissioner does not so find, he shall not approve the proposed articles of amendment, but shall return all sets to the insurer together with his written statement of the reasons for nonapproval.
3. After January 1, 1972, no existing domestic stock or mutual insurer shall amend its articles of incorporation in any way which would conflict with the requirements of this Code as to a newly formed similar domestic insurer; but an existing domestic stock insurer with preferred stock already as part of its authorized capital shall have the right to increase or decrease the amount of the same or modify the rights and priorities thereof as otherwise permitted by law.
Last modified: February 27, 2006