Louisiana Revised Statutes 22:295 – Conversion of fraternal benefit society into mutual life insurance company
Terms Used In Louisiana Revised Statutes 22:295
- Certificate: means the document issued as written evidence of the benefit contract. See Louisiana Revised Statutes 22:284
- Society: means fraternal benefit society. See Louisiana Revised Statutes 22:284
Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the Louisiana Insurance Code for mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of such plan. No such conversion shall take effect until approved by the commissioner of insurance who may give such approval if the commissioner finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.
Acts 1958, No. 125. Acts 1987, No. 470, §1, eff. Jan. 1, 1988; Redesignated from La. Rev. Stat. 22:555 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
NOTE: Former La. Rev. Stat. 22:295 redesignated as La. Rev. Stat. 22:135 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.