(a) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds (2/3) of its subscribers who vote on the merger pursuant to due notice and the approval of the Insurance Commissioner of the terms therefor, may merge with another reciprocal insurer or be converted to a stock or mutual insurer.
(b) The stock or mutual insurer shall be subject to the same capital or surplus requirements and shall have the same rights as a like domestic insurer transacting like kinds of insurance.
(c) The commissioner shall not approve any plan for the merger or conversion which is inequitable to subscribers, or which, if for conversion to a stock insurer, does not give each subscriber preferential right to acquire stock of the proposed insurer proportionate to his or her interest in the reciprocal insurer as determined in accordance with ยง 23-70-122 and a reasonable length of time within which to exercise the right.
Section: Previous 23-70-111 23-70-112 23-70-113 23-70-114 23-70-115 23-70-116 23-70-117 23-70-118 23-70-119 23-70-120 23-70-121 23-70-122 23-70-123 23-70-124 NextLast modified: November 15, 2016