Conversion of fraternal benefit society into mutual life insurer. Any domestic fraternal benefit society may be converted to and licensed as a mutual life insurer by compliance with all the applicable requirements of chapter 693A of NRS if a plan of conversion is:
1. Prepared by the board of directors of the society in writing setting forth in full the terms and conditions of the conversion;
2. Approved by the affirmative vote of two-thirds of all members of the supreme governing body of the society at a regular or special meeting; and
3. Approved by the Commissioner, who may give such approval if he finds that the proposed change is in conformity with the laws of this state and not prejudicial to the certificate holders of the society.
Last modified: February 27, 2006