(a) No mutual company shall be permitted to convert under this chapter if, as a direct result of the conversion, any person or any affiliate thereof acquires control of the converted stock company, unless that person and such person's affiliates comply with the provisions of § 5003 of this title. For purposes of this subsection, “control” shall have the meaning given to such term in § 5001 of this title.
(b) Except as otherwise specified in this chapter, a stock company converted under this chapter shall have and may exercise all the rights and privileges and shall be subject to all of the requirements and regulations imposed on stock insurers under this chapter and any other laws of this State relating to the regulation and supervision of insurers, but it shall exercise no rights or privileges which other stock insurers may not exercise.
Structure Delaware Code
Chapter 49A. DELAWARE INSURANCE COMPANY MUTUAL-TO-STOCK CONVERSION ACT
§ 4971. Short title of chapter.
§ 4973. Adoption of plan of conversion.
§ 4974. Redomestication and conversion.
§ 4975. Required provisions of plan of conversion.
§ 4976. Closed block of business for participating life policies.
§ 4977. Optional provisions of plan of conversion.
§ 4978. Alternative plan of conversion.
§ 4979. Effective date of plan.
§ 4983. Failure to give notice.
§ 4984. Limitation on actions.
§ 4985. Mutual company insolvent or in hazardous financial condition.
§ 4986. Rules and regulations.
§ 4987. Laws applicable to converted stock company.
§ 4988. Commencement of business as a stock insurer.
§ 4989. Amendment of policies.