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- Alaska Statutes.
- Title 21. Insurance
- Chapter 69. Organization and Corporate Procedures
- Section 590. Mergers and Consolidations of Stock Insurers.
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. Converting Mutual Insurer.
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. Mergers and Consolidations, Mutual Insurers.
AS 21.69.590. Mergers and Consolidations of Stock Insurers.
- (a) A domestic stock insurer may merge or consolidate with one or more domestic or foreign stock insurers authorized to
transact insurance in this state, by complying with the applicable provisions of the statutes of this state governing
the merger or consolidation of stock corporations formed for profit, but subject to (b) and (c) of this section.
- (b) A merger or consolidation may not be effectuated unless the plan and agreement for it have been filed with the
director and approved in writing by the director after a hearing. The director shall give approval within a reasonable
time after the filing unless the director finds the plan or agreement
- (1) is contrary to law;
- (2) inequitable to the stockholders of a domestic insurer involved; or
- (3) would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer in this
state or elsewhere.
- (c) A director, officer, agent, or employee of an insurer party to the merger or consolidation may not receive a fee,
commission, compensation, or other valuable consideration for aiding, promoting, or assisting therein except as set out
in the plan or agreement.
- (d) If the director does not approve the plan or agreement the director shall so notify the insurer in writing specifying
- (e) If a domestic insurer involved in the proposed merger or consolidation is authorized to transact insurance also in
other states, the director may request the insurance commissioner, director of insurance, superintendent of insurance,
or other similar public insurance supervisory official of the two other states in which the insurer has in force the
larger amounts of insurance, to participate in the hearing provided for under (b) of this section, with full right to
examine all witnesses and evidence and to offer to the director the pertinent information and suggestions they consider
- (f) A plan or proposal through which a stock insurer proposes to acquire a controlling stock interest in another stock
insurer through an exchange of stock of the first insurer, issued by the insurer for the purpose, for the controlling
stock of the second insurer, is considered to be a plan or proposal of merger of the second insurer into the first
insurer for the purposes of this section and is subject to the applicable provisions hereof.
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