§ 24-A §3474 — Merger, consolidation of stock insurers

1.
Subject to the provisions of this section, a domestic stock insurer, whether or not authorized to transact insurance in this State, may merge or consolidate with one or more domestic or foreign stock corporations by complying with the applicable provisions of the laws of this State governing the merger or consolidation of stock corporations formed for profit.
2.
No such merger or consolidation shall be effectuated unless in advance thereof the plan and agreement therefor have been filed with the superintendent and approved in writing by the superintendent after a hearing thereon after notice to the stockholders of each insurer involved. The superintendent shall give such approval within a reasonable time after such filing unless the superintendent finds that the plan or agreement:
3.
No director, officer, agent or employee of any insurer party to the merger or consolidation shall receive any fee, commission, compensation or other valuable consideration whatsoever for in any manner aiding, promoting or assisting therein except as set forth in the plan or agreement.
4.
If the superintendent does not approve the plan or agreement, the superintendent shall so notify the insurer in writing specifying the superintendent's reasons therefor.

Legislative History

PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1989, c. 611, §§2-4 (AMD). RR 1991, c. 2, §92 (COR). RR 2021, c. 1, Pt. B, §283 (COR).