The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 8 V.S.A. § 4469)
-
§ 4469. 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 the requirements of sections 3366, 3423-3425, 3701-3711 of this title if such plan of conversion is approved by the Commissioner of Financial Regulation.
The plan shall be prepared in writing setting forth in full the terms and conditions
thereof. The board of directors shall submit the plan to the supreme legislative
or governing body of the society at any regular or special meeting thereof, by giving
a full, true, and complete copy of the plan with the notice of the meeting. The notice
shall be given as provided in the laws of the society for the convocation of a regular
or special meeting of the body, as the case may be. The affirmative vote of two-thirds
of all members of the body shall be necessary for the approval of the agreement.
No conversion may take effect until approved by the Commissioner of Financial Regulation
who may give the approval if he or she finds that the proposed change is in conformity
with law and not prejudicial to the certificate holders of the society. (Added 1959, No. 197, § 9, eff. Nov. 22, 1959; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)