20-874. Conversion of fraternal benefit society to mutual life insurance company
124 words·~1 min read·
/az/title-20/20-874A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A domestic fraternal benefit society may convert to and be licensed as a mutual life insurance company by complying with the requirements of this title relating to mutual insurers. The board of directors shall prepare a plan of conversion in writing. The plan of conversion shall prescribe the terms and conditions of conversion. The affirmative vote of two-thirds of the members of the supreme governing body at a regular or special meeting is required for approval of the plan. A plan of conversion is not effective unless it is approved by the director.
The director may approve the plan of conversion if the director finds that the proposed change conforms to the law and is not prejudicial to the certificate holders of the society.