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- Alaska Statutes.
- Title 21. Insurance
- Chapter 75. Reciprocal and Cooperative Insurers
- Section 260. Merger or Conversion.
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. Subscribers' Share in Assets.
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. Financial Impairment; Determination of Insolvency.
AS 21.75.260. Merger or Conversion.
- (a) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds of its subscribers who vote on the
merger after due notice and the approval of the director of the terms therefor, may merge with another reciprocal
insurer or be converted to a stock or mutual insurer.
- (b) The stock or mutual insurer is subject to the same capital or surplus requirements and has the same rights as a like
domestic insurer transacting like kinds of insurance.
- (c) The director may not approve a plan for a merger or conversion which is inequitable to subscribers, or which, if for
conversion to a stock insurer, does not give each subscriber preferential right to acquire stock of the proposed
insurer proportionate to the subscriber's interest in the reciprocal insurer as determined in accordance with AS 21.75.250 and a reasonable length of time within which to
exercise the right.
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