40-4001. Conversion authority; review by commissioner; act to be liberally construed.
40-4001
40-4001. Conversion authority; review by commissioner; act to be liberallyconstrued.A domestic mutual insurer issuing nonassessable policiesmay be converted into a domestic stock insurer. To that end, it may provideand carry out a plan for such conversion by complying with the requirements ofthis act.Because it isnot possible to anticipate all of the circumstances andconsiderations which may arise incident to a conversion from amutual insurer to a stock insurer, the commissionerhas broad authority in reviewing suchconversion, and the procedures and criteria to be applied bythe commissioner are flexible within theparameters of this act. This act shall be liberallyconstrued to effect the legislative intent set forth in thissection and shall not be interpreted to limit the powersgranted to the commissioner by other provisionsof law.
History: L. 1985, ch. 154, § 1;L. 1997, ch. 107, § 1; July 1.