Any society may be converted and licensed as a mutual or stock life insurance company by compliance with all the requirements of the general insurance laws pertaining to such life insurers. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of such plan. No such conversion shall take effect unless and until approved by the superintendent who may give such approval if he finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificateholders of the society.
History: 1978 Comp., § 59A-44-15, enacted by Laws 1989, ch. 388, § 15.
Repeals and reenactments. — Laws 1989, ch. 388, § 15, repealed 59A-44-15 NMSA 1978, as enacted by Laws 1984, ch. 127, § 800, relating to benefits on lives of children, and enacted a new section, effective January 1, 1990.
Structure New Mexico Statutes
Article 44 - Fraternal Benefit Societies
Section 59A-44-1 - Fraternal benefit societies.
Section 59A-44-2 - Lodge system.
Section 59A-44-3 - Representative form of government.
Section 59A-44-4 - Definitions.
Section 59A-44-5 - Purposes and powers.
Section 59A-44-6 - Qualifications for membership.
Section 59A-44-7 - Location of office; meetings; communications to members; grievance procedures.
Section 59A-44-8 - No personal liability.
Section 59A-44-10 - Organization.
Section 59A-44-11 - Amendments to laws.
Section 59A-44-12 - Institutions.
Section 59A-44-13 - Reinsurance.
Section 59A-44-14 - Consolidations and mergers.
Section 59A-44-15 - Conversion of society into a mutual life insurance company.
Section 59A-44-17 - Beneficiaries.
Section 59A-44-18 - Benefits not attachable.
Section 59A-44-19 - The benefit contract.
Section 59A-44-21 - Investments.
Section 59A-44-23 - Exemptions.
Section 59A-44-25 - Valuation.
Section 59A-44-27 - Certificates of authority.
Section 59A-44-28 - Examination of societies; no adverse publications.
Section 59A-44-29 - Foreign or alien society.
Section 59A-44-30 - Injunction; liquidation; receivership of domestic society.
Section 59A-44-31 - Suspension, revocation or refusal of license of foreign or alien society.
Section 59A-44-32 - Injunction.
Section 59A-44-33 - Licensing of agents.
Section 59A-44-34 - Unfair methods of competition and unfair and deceptive acts and practices.
Section 59A-44-35 - Service of process.
Section 59A-44-36 - Fee schedule.
Section 59A-44-37 - Carrie Tingley crippled children's hospital fund.
Section 59A-44-39 - Penalties.
Section 59A-44-40 - Exemption of certain societies.
Section 59A-44-41 - Applicability of Insurance Code.
Section 59A-44-42 - Severability.