§ 27-25-15. Conversion of fraternal benefit society into mutual life insurance company.
Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all of the requirements of the general laws relating to the financial requirements of mutual life insurance companies. 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 (⅔) of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of the plan. No conversion shall take effect unless and until approved by the commissioner of insurance, who may give approval if the commissioner finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.
History of Section.P.L. 1984, ch. 201, § 2.
Structure Rhode Island General Laws
Chapter 27-25 - Rhode Island Fraternal Code
Section 27-25-1. - Fraternal benefit societies.
Section 27-25-2. - Lodge system.
Section 27-25-3. - Representative form of government.
Section 27-25-4. - Definitions.
Section 27-25-5. - Purposes and powers.
Section 27-25-6. - Qualifications for membership.
Section 27-25-8. - No personal liability.
Section 27-25-10. - Organization.
Section 27-25-11. - Amendments to laws.
Section 27-25-12. - Institutions.
Section 27-25-13. - Reinsurance.
Section 27-25-14. - Consolidations and mergers.
Section 27-25-15. - Conversion of fraternal benefit society into mutual life insurance company.
Section 27-25-17. - Beneficiaries.
Section 27-25-18. - Benefits not attachable.
Section 27-25-19. - The benefit contract.
Section 27-25-21. - Investments.
Section 27-25-23. - Exemptions.
Section 27-25-25. - Valuation.
Section 27-25-27. - Annual license.
Section 27-25-28. - Examination of societies — No adverse publication.
Section 27-25-29. - Foreign or alien society — Admission.
Section 27-25-30. - Injunction — Liquidation — Receivership of domestic society.
Section 27-25-31. - Suspension, revocation, or refusal of license of foreign or alien society.
Section 27-25-32. - Injunction.
Section 27-25-33. - Licensing of insurance producers.
Section 27-25-34. - Unfair methods of competition and unfair and deceptive acts and practices.
Section 27-25-35. - Service of process.
Section 27-25-37. - Penalties.
Section 27-25-38. - Exemption of certain societies.
Section 27-25-39. - Reciprocal fees and charges.
Section 27-25-40. - Payments of commissions to other than agent or insurance producer forbidden.
Section 27-25-41. - Payment of benefits other than insurance benefits.
Section 27-25-42. - Severability.