§431:4-503 Conversion or reinsurance of mutual insurer. (a) No domestic mutual insurer shall be converted, changed, or reorganized as a stock corporation.
(b) Such an insurer may be wholly reinsured in, its assets transferred to, and its liabilities assumed by another mutual or stock insurer under such terms and conditions as are approved by the commissioner in advance of such reinsurance.
(c) The commissioner shall not approve any such reinsurance agreement which does not determine the amount of and make adequate provision for paying to policyholders of the mutual insurer, reasonable compensation for their equities as owners of the insurer, such compensation to be apportioned to policyholders as identified and in the manner prescribed in section 431:4-326. [L 1987, c 347, pt of §2]
Section: Previous 431-4-421 431-4-422 431-4-423 431-4-424 431-4-425 431-4-501 431-4-502 431-4-503 431-4-504 431-4a-101 431-4a-102 431-4a-103 431-4a-104 431-4a-105 431-4f-101 NextLast modified: October 27, 2016