Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS
Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS
§3422. Purchase of own shares by stock insurer
A domestic stock insurer shall have the right to purchase or acquire shares of its own stock only as follows: [1969, c. 132, §1 (NEW).]
1. For elimination of fractional shares.
[
1969, c. 132, §1 (NEW)
.]
2. Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good
faith for purposes other than the acquisition of such shares.
[
1969, c. 132, §1 (NEW)
.]
3. For the purposes of a general savings and investment plan for employees or agents of the insurer.
[
1969, c. 132, §1 (NEW)
.]
4. For mutualization of the insurer, as provided in section 3472.
[
1969, c. 132, §1 (NEW)
.]
5. For retirement or otherwise of the shares under a plan submitted to and approved in writing by the superintendent. The superintendent
shall not approve a plan unless found by him to be reasonable, fair and equitable as to remaining stockholders of the insurer,
and not materially adverse to the protection of the insurer's policyholders.
[
1973, c. 585, §12 (AMD)
.]
SECTION HISTORY
1969, c. 132, §1 (NEW).
1973, c. 585, §12 (AMD).
Data for this page extracted on 11/09/2009 11:20:25.