83-31-143 - Endorsement or rider extinguishing policy rights.
§ 83-31-143. Endorsement or rider extinguishing policy rights.
A mutual insurance company, by endorsement or rider approved by the commissioner and delivered to the policyholder, may simultaneously with or at any time after the adoption of a conversion plan amend any outstanding insurance policy to evidence the extinguishment of the rights, if any, of the holder of the policy as described in the plan of conversion approved by the commissioner. However, such an amendment is void if the conversion plan does not take effect.
Sources: Laws, 1998, ch. 576, § 21, eff from and after July 1, 1998.