§ 23-63-507 — Control of or merger with domestic insurer - Exceptions

The provisions of §§ 23-63-506 - 23-63-513 shall not apply to: (1) Any offers, requests, invitations, agreements, or acquisitions by the person referred to in § 23-63-506 of any voting security referred to in that section which, immediately prior to the consummation of the offer, request, invitation, agreement, or acquisition, was not issued and outstanding and the issuance of which will not have the effect of changing or influencing the control of a domestic insurer; (2) Any transaction which is subject to the provisions of §§ 23-69-142 - 23-69-145 of the laws of this state, dealing with the merger or consolidation of two (2) or more insurers; (3) Any offer, request, invitation, agreement, or acquisition which the commissioner, by order, shall exempt therefrom as: (A) Not having been made or entered into for the purpose and not having the effect of changing or influencing the control of a domestic insurer; or (B) As otherwise not comprehended within the purposes of §§ 23-63-506 - 23-63-513 .

Legislative History

Acts 1971, No. 288, § 5; 1985, No. 804, § 3; A.S.A. 1947, § 66-5005.