§ 24-A §3475 — Exchange of securities between insurers

Maine § 24-A §3475

• Jurisdiction: Maine
• Title 24-A: MAINE INSURANCE CODE
• Ch. 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS

Text

1.
Upon application of any domestic insurer, the superintendent is authorized to approve the fairness of the terms and conditions of the issuance by the insurer of any shares of its capital stock or of guaranty capital or bonds or its other securities or obligations in exchange for one or more bona fide outstanding securities, claims or property interest of any other insurer or corporation, domestic or foreign, or partly in such exchange and partly for cash; but only after a hearing has been held by the superintendent upon the fairness of such terms and conditions at which all persons to whom it is proposed to issue securities in such exchange shall have the right to appear and be heard.
2.
Notice of such hearing and conduct thereof shall be as provided in chapter 3 (the insurance superintendent).

Legislative History

PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).