Arkansas § 23-74-306 Conversion of fraternal benefit society into mutual life insurance company

Arkansas Statutes

§ 23-74-306 — Conversion of fraternal benefit society into mutual life insurance company

Arkansas § 23-74-306

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This text of Arkansas § 23-74-306 (Conversion of fraternal benefit society into mutual life insurance company) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-74-306 (2026).

Text

Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of §§ 23-63-205 and 23-63-207 and other provisions of this code applicable to domestic mutual life legal reserve insurers. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds (2/3) of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of such a plan. No such conversion shall take effect unless and until approved by the Insurance Commissioner, who may give such approval if the commissioner finds that the proposed change is in conformity with the requirements of law and not

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Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of §§ 23-63-205 and 23-63-207 and other provisions of this code applicable to domestic mutual life legal reserve insurers. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds (2/3) of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of such a plan. No such conversion shall take effect unless and until approved by the Insurance Commissioner, who may give such approval if the commissioner finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.