§ 27-25-15 - Conversion of fraternal benefit society into mutual life insurance company.
SECTION 27-25-15
§ 27-25-15 Conversion of fraternal benefitsociety into mutual life insurance company. – Any domestic fraternal benefit society may be converted and licensed as amutual life insurance company by compliance with all of the requirements of thegeneral laws relating to the financial requirements of mutual life insurancecompanies. A plan of conversion shall be prepared, in writing, by the board ofdirectors setting forth, in full, the terms and conditions of conversion. Theaffirmative vote of two-thirds ( 2/3) of all members of the supreme governingbody at a regular or special meeting shall be necessary for the approval of theplan. No conversion shall take effect unless and until approved by thecommissioner of insurance, who may give approval if the commissioner finds thatthe proposed change is in conformity with the requirements of law and notprejudicial to the certificate holders of the society.