§ 26-24-148 — Acquisitions and exchanges in shares of another stock insurer

(a) A domestic stock insurer shall not acquire a
controlling interest in the shares of another stock insurer by
an exchange of securities or partly in exchange for securities
and partly for cash or property, unless the insurer first
submits the plan for the acquisition and exchange to the
commissioner and the commissioner approves the plan.
(b) The commissioner shall not approve a plan of
acquisition and exchange unless:
(i) He finds the plan is fair and equitable to all
parties concerned;
(ii) He holds a hearing to which all persons to whom
it is proposed to issue securities in the exchange have the
right to appear;
(iii) Notice is provided and the hearing conducted as
provided in chapter 2 of this code.