Maine Statutes
§ 24-A §3473 — Conversion of stock insurer to ordinary business corporation
Maine·Title 24-A MAINE INSURANCE CODE·Ch. 47 ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS
1.A domestic stock insurer may convert to a Maine ordinary business corporation through the following procedures:
2.An insurer which has once converted to an ordinary business corporation shall not have power thereafter to convert to an insurer; and no ordinary business corporation shall have power to convert to an insurer.
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Legislative History
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 2013, c. 299, §§15, 16 (AMD). RR 2023, c. 2, Pt. A, §36 (COR).
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