Code of Alabama - Title 27: Insurance - Chapter 35 - Conversion of Fraternal Benefit Societies

• Section 27-35-1 Conversion into stock or mutual life insurance company - Authority; how effected
  Any fraternal benefit society organized under the laws of this state may convert itself into a stock life insurance company or a mutual life insurance...
• Section 27-35-2 Conversion into stock or mutual life insurance company - Plan of conversion; approval or disapproval thereof
  (a) The proposed plan for the conversion of the society into a stock or mutual life insurer shall be prepared in writing, setting forth in...
• Section 27-35-3 Conversion into stock or mutual life insurance company - Notice to subordinate lodges or branches
  After the plan of conversion has been approved by the commissioner, the society shall mail notice by registered or certified mail to all of its...
• Section 27-35-4 Conversion into stock or mutual life insurance company - Ratification or amendment of articles of incorporation - Generally
  Pursuant to the notice provided for in Section 27-35-3, the supreme governing or legislative body shall adopt a resolution authorizing the conversion of the society...
• Section 27-35-5 Conversion into stock or mutual life insurance company - Ratification or amendment of articles of incorporation - Filing
  (a) The articles of incorporation so adopted or as so amended, as the case may be, shall be filed with the probate judge as required...
• Section 27-35-6 Conversion into stock or mutual life insurance company - Certificates of incorporation and authority
  The society shall have corporate existence as a domestic stock or mutual life insurer upon issuance of the certificate of incorporation by the commissioner or...
• Section 27-35-7 Conversion into stock or mutual life insurance company - Provisions for certificate holders to subscribe to stock
  If the fraternal benefit society is to be converted into a stock life insurer, the plan of conversion shall make reasonable provisions under which each...
• Section 27-35-8 Conversion into stock or mutual life insurance company - Completion; effect
  (a) When a fraternal benefit society has complied with the provisions of this chapter and with the laws of this state relating to domestic stock...
• Section 27-35-9 Conversion into stock or mutual life insurance company - Preservation of debts, liabilities, and duties
  Rights of creditors and all liens upon the property of the former fraternal benefit society shall be preserved unimpaired after the society's conversion, and the...
• Section 27-35-10 Conversion into stock or mutual life insurance company - Obligation to holders of policies or certificates; pending actions
  (a) The reorganized and converted corporation shall be obligated to carry out and perform all of the obligations of every kind and character owing by...
• Section 27-35-11 Conversion into stock or mutual life insurance company - Separate record of premiums; exemption from premium taxes
  The insurer, after conversion from a fraternal benefit society, shall maintain separate records of premiums received by it on account of policies and certificates originally...

Last modified: May 3, 2021