58-5-138. Conversion of mutual to stock insurer restricted. No domestic mutual insurer in this state may reorganize or convert into a corporation with capital stock unless the reorganization or conversion plan provides each member of the mutual insurer with cash or other valuable consideration for the fair value of the member's equity in the company as determined under a formula approved by the director of the Division of Insurance and the secretary of labor and regulation.
Source: SL 1966, ch 111, ch 16, § 4; SL 1984, ch 325, § 1; SL 2018, ch 278, § 1.
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