§ 26-24-147 — Merger or consolidation of stock insurers

(a) A domestic stock insurer may merge or consolidate with
one (1) or more domestic or foreign stock insurers by complying
with the applicable provisions of the statutes of this state
governing the merger or consolidation of stock corporations
formed for profit, but subject to subsections (b) and (c) of
this section.
(b) No merger or consolidation shall be carried out unless
the plan and agreement therefor have been filed with the
commissioner and he approves the plan and agreement in writing
after a hearing thereon including appropriate notice to the
stockholders of each insurer involved. The commissioner shall
approve the merger or consolidation within a reasonable time
after the filing unless he finds the plan or agreement:
(i) Is contrary to law;
(ii) Is inequitable to the stockholders of any
insurer involved;
(iii) Would substantially reduce the security of and
service to be rendered to the domestic insurer's policyholders
in this state or elsewhere;
(iv) Would materially tend to lessen competition in
the insurance business in this state or elsewhere as to the
kinds of insurance involved or would materially tend to create
any monopoly as to that business; or
(v) Is subject to other material and reasonable
objections.
(c) No director, officer, agent or employee of any insurer
party to the merger or consolidation, or member of the family of
a director, officer, agent or employee, shall receive any fee,
commission, compensation or other valuable consideration for in
any manner aiding, promoting or assisting therein except as set
forth in the plan or agreement.
(d) If the commissioner does not approve the plan or
agreement he shall notify the insurer in writing specifying his
reasons for disapproval.