§ 1603. Notice of intent to acquire or divest.
(a)A domestic insurer\nshall not acquire control of any other domestic insurer, whether by\npurchase of its securities or otherwise, unless:\n (1) a notice of intention of such proposed acquisition shall have been\nfiled with the superintendent not less than ninety days, or such shorter\nperiod as may be permitted by the superintendent, in advance of such\nproposed acquisition; and\n (2) the insurer receives the superintendent's prior approval.\n (b) The superintendent shall disapprove such acquisition if the\nsuperintendent determines that the proposed acquisition is contrary to\nlaw or determines that such proposed acquisition would be contrary to\nthe best interests of the parent insurer's policyholders or of the\npeople of this state
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§ 1603. Notice of intent to acquire or divest. (a) A domestic insurer\nshall not acquire control of any other domestic insurer, whether by\npurchase of its securities or otherwise, unless:\n (1) a notice of intention of such proposed acquisition shall have been\nfiled with the superintendent not less than ninety days, or such shorter\nperiod as may be permitted by the superintendent, in advance of such\nproposed acquisition; and\n (2) the insurer receives the superintendent's prior approval.\n (b) The superintendent shall disapprove such acquisition if the\nsuperintendent determines that the proposed acquisition is contrary to\nlaw or determines that such proposed acquisition would be contrary to\nthe best interests of the parent insurer's policyholders or of the\npeople of this state. Only the following factors shall be considered in\nmaking the foregoing determination:\n (1) the availability of the funds or assets required for such\nacquisition;\n (2) the fairness of any exchange of shares, assets, cash or other\nconsideration for the shares or assets to be received;\n (3) the impact of the new operation on the parent insurer's surplus\nand existing insurance business and the risks inherent in the parent\ninsurer's investment portfolio and operations;\n (4) the fairness and adequacy of the financing proposed for the\nsubsidiary;\n (5) the likelihood of undue concentration of economic power;\n (6) whether the effect of the acquisition may be substantially to\nlessen competition in any line of commerce in insurance or to tend to\ncreate a monopoly therein; and\n (7) whether the acquisition might result in an excessive proliferation\nof subsidiaries that would tend to unduly dilute management\neffectiveness or weaken financial strength, or otherwise be contrary to\nthe best interests of the parent insurer's policyholders or of the\npeople of this state.\n (c) At any time after an acquisition the superintendent may order its\ndisposition if the superintendent finds, after notice and an opportunity\nto be heard, that its continued retention is hazardous or prejudicial to\nthe interests of the parent insurer's policyholders.\n (d) Any domestic insurer seeking to divest its controlling interest in\nanother domestic insurer, in any manner, shall file with the\nsuperintendent, with a copy to the insurer, notice of its proposed\ndivestiture at least thirty days prior to the cessation of control,\nprovided, however that this subsection shall not apply if notice is\nprovided as required by subsection (a) of this section.\n (e) The contents of each notice of intention of a proposed acquisition\nor divestiture filed hereunder and information pertaining thereto shall\nbe kept confidential, shall not be subject to subpoena and shall not be\nmade public unless after notice and opportunity to be heard the\nsuperintendent determines that the interests of policyholders,\nshareholders or the public will be served by publication.\n