24-A §3422. Purchase of own shares by stock insurer
Title 24-A: MAINE INSURANCE CODE
Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS
Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS
§3422. Purchase of own shares by stock insurer
A domestic stock insurer shall have the right to purchase or acquire shares of its own stock only as follows: [1969, c. 132, §1 (NEW).]
1. For elimination of fractional shares.
[ 1969, c. 132, §1 (NEW) .]
2. Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good faith for purposes other than the acquisition of such shares.
[ 1969, c. 132, §1 (NEW) .]
3. For the purposes of a general savings and investment plan for employees or agents of the insurer.
[ 1969, c. 132, §1 (NEW) .]
4. For mutualization of the insurer, as provided in section 3472.
[ 1969, c. 132, §1 (NEW) .]
5. For retirement or otherwise of the shares under a plan submitted to and approved in writing by the superintendent. The superintendent shall not approve a plan unless found by him to be reasonable, fair and equitable as to remaining stockholders of the insurer, and not materially adverse to the protection of the insurer's policyholders.
[ 1973, c. 585, §12 (AMD) .]
SECTION HISTORY
1969, c. 132, §1 (NEW). 1973, c. 585, §12 (AMD).