§ 7040
180 words·~1 min read·
/ca/insurance-code/7040A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding the provisions of Section 900 of the Corporations Code, any two or more of such insurers may merge. The plan and agreement by which any such merger is to be effected shall be submitted to the commissioner who shall examine the same and may require such provisions to be inserted in the agreement and such actions to be taken in connection with the merger (including but not limited to:
(1)the terms of the merger,
(2)the terms of the notice of the vote by the members of each such insurer on the merger, and
(3)the manner and form of voting thereon by the members of each such insurer) as he may deem necessary in order that the transaction shall be mutually fair and equitable between the respective members and policyholders of the companies parties to the merger. The commissioner shall not approve any such plan and agreement if the bylaws of any insurer party to the merger have been amended within one year prior to the date of filing of such plan and agreement with the commissioner.