Section 27-35-1 Conversion into stock or mutual life insurance company – Authority; how effected. Any fraternal benefit society organized under the laws of this state may convert itself into a stock life insurance company or a mutual life insurance company, which may be a continuation of such society under an amended charter, if such society […]
Section 27-35-10 Conversion into stock or mutual life insurance company – Obligation to holders of policies or certificates; pending actions. (a) The reorganized and converted corporation shall be obligated to carry out and perform all of the obligations of every kind and character owing by the former fraternal benefit society to the holders of its […]
Section 27-35-11 Conversion into stock or mutual life insurance company – Separate record of premiums; exemption from premium taxes. The insurer, after conversion from a fraternal benefit society, shall maintain separate records of premiums received by it on account of policies and certificates originally issued while a fraternal benefit society and continuing in force without […]
Section 27-35-2 Conversion into stock or mutual life insurance company – Plan of conversion; approval or disapproval thereof. (a) The proposed plan for the conversion of the society into a stock or mutual life insurer shall be prepared in writing, setting forth in full the terms and conditions thereof. After approval of the plan by […]
Section 27-35-3 Conversion into stock or mutual life insurance company – Notice to subordinate lodges or branches. After the plan of conversion has been approved by the commissioner, the society shall mail notice by registered or certified mail to all of its subordinate lodges or branches, by whatever name called, stating that a proposal will […]
Section 27-35-4 Conversion into stock or mutual life insurance company – Ratification or amendment of articles of incorporation – Generally. Pursuant to the notice provided for in Section 27-35-3, the supreme governing or legislative body shall adopt a resolution authorizing the conversion of the society into a stock or mutual insurer, as the case may […]
Section 27-35-5 Conversion into stock or mutual life insurance company – Ratification or amendment of articles of incorporation – Filing. (a) The articles of incorporation so adopted or as so amended, as the case may be, shall be filed with the probate judge as required of domestic insurers under this title; except, that no bond […]
Section 27-35-6 Conversion into stock or mutual life insurance company – Certificates of incorporation and authority. The society shall have corporate existence as a domestic stock or mutual life insurer upon issuance of the certificate of incorporation by the commissioner or approval of the amended articles of incorporation, as the case may be; but it […]
Section 27-35-7 Conversion into stock or mutual life insurance company – Provisions for certificate holders to subscribe to stock. If the fraternal benefit society is to be converted into a stock life insurer, the plan of conversion shall make reasonable provisions under which each adult certificate holder of the society shall have the preemptive right […]
Section 27-35-8 Conversion into stock or mutual life insurance company – Completion; effect. (a) When a fraternal benefit society has complied with the provisions of this chapter and with the laws of this state relating to domestic stock life insurers or domestic mutual life insurers, as the case may be, and has received from the […]
Section 27-35-9 Conversion into stock or mutual life insurance company – Preservation of debts, liabilities, and duties. Rights of creditors and all liens upon the property of the former fraternal benefit society shall be preserved unimpaired after the society’s conversion, and the former fraternal benefit society shall be deemed to continue in existence in order […]
