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24-A §3422. Purchase of own shares by stock insurer

24-A ME Rev Stat § 3422 (2019) (N/A)
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§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:   [PL 1969, c. 132, §1 (NEW).]

1.  For elimination of fractional shares.

[PL 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.

[PL 1969, c. 132, §1 (NEW).]

3.  For the purposes of a general savings and investment plan for employees or agents of the insurer.

[PL 1969, c. 132, §1 (NEW).]

4.  For mutualization of the insurer, as provided in section 3472.

[PL 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.

[PL 1973, c. 585, §12 (AMD).]

SECTION HISTORY

PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).

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