Delaware Statutes
§ 4938 — Merger, consolidation of mutual insurers — Impaired mutuals
Delaware·Title 18·Part Insurance·Ch. 49 ORGANIZATION AND CORPORATE POWERS; PROCEDURES OF DOMESTIC STOCK AND MUTUAL INSURERS
If a domestic mutual insurer is then impaired, that is, if the insurer’s surplus is less than the amount thereof required under this title for authority to transact the kinds of insurance being transacted by the insurer, the Commissioner may approve the agreement of merger or consolidation without a hearing thereon, and the same may be effectuated without approval of the insurer’s members.
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Delaware § 4938 (Merger, consolidation of mutual insurers — Impaired mutuals) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
18 Del. C. 1953, § 4938; 56 Del. Laws, c. 380, § 1