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§ 8-440. Conversion of society to mutual life insurer

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 8. Entities that Act as Insurers
Subtitle 4. Fraternal Benefit Societies (Refs & Annos)
Part IV. Other Powers and Duties
MD Code, Insurance, § 8-440
§ 8-440. Conversion of society to mutual life insurer
Currentness
In general
(a) A domestic society may convert to and be licensed as a mutual life insurer by complying with the applicable requirements of Title 3, Subtitle 1 of this article if the plan of conversion is approved by the Commissioner.
Plan of conversion
(b)(1) The plan of conversion shall be in writing and shall set forth the terms and conditions of the conversion.
(2) The board of directors shall submit the plan of conversion to the supreme legislative or governing body of the society at a regular or special meeting, by giving a complete copy of the plan with the notice of the meeting.
(3) Notice shall be given as provided in the applicable laws of the society for a regular or special meeting.
(4) The affirmative vote of two-thirds of the members of the body is necessary for approval of the plan.
Approval by Commissioner
(c)(1) Conversion to a mutual life insurer may not take effect unless approved by the Commissioner.
(2) The Commissioner may approve the conversion if the Commissioner finds that the proposed change conforms to the requirements of law and is not prejudicial to the certificate holders of the society.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 350.
MD Code, Insurance, § 8-440, MD INSURANCE § 8-440
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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