Tennessee § 56-25-306 Conversion to stock or mutual life insurance company

Tennessee Statutes

§ 56-25-306 — Conversion to stock or mutual life insurance company

Tennessee § 56-25-306

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This text of Tennessee § 56-25-306 (Conversion to stock or mutual life insurance company) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 56-25-306 (2026).

Text

Any domestic fraternal benefit society may be converted and licensed as a stock or mutual life insurance company by compliance with all the requirements of this title for stock or mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of directors, setting forth in full the terms and conditions of conversion. The affirmative vote of two thirds (2/3) of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of the commissioner, who may give approval if the commissioner finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.

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Any domestic fraternal benefit society may be converted and licensed as a stock or mutual life insurance company by compliance with all the requirements of this title for stock or mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of directors, setting forth in full the terms and conditions of conversion. The affirmative vote of two thirds (2/3) of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of the commissioner, who may give approval if the commissioner finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.