378.615. Conversion to mutual life insurance company, allowed when.
Conversion to mutual life insurance company, allowed when.
378.615. 1. Any domestic fraternal benefit society may beconverted and licensed as a mutual life insurance company bycompliance with all the requirements of the insurance laws ofthis state for mutual life insurance companies. A plan ofconversion shall be prepared in writing by the board ofdirectors, setting forth in full the terms and conditions ofconversion. The affirmative vote of two-thirds of all members ofthe supreme governing body at a regular or special meeting shallbe necessary for the approval of such plan.
2. No such conversion shall take effect unless and untilapproved by the director, who may give such approval if thedirector finds that the proposed change is in conformity withthe requirements of law and not prejudicial to the certificateholders of the society.
(L. 1992 S.B. 831)Effective 1-1-93