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2019 Delaware Code
Title 18 - Insurance Code
Chapter 49. Organization and Corporate Powers; Procedures of Domestic Stock and Mutual Insurers
§ 4938 Merger, consolidation of mutual insurers — Impaired mutuals.
Universal Citation: 18 DE Code § 4938 (2019)
If a domestic mutual insurer is then impaired, that is, if the insurer’s surplus is less than the amount thereof required under this title for authority to transact the kinds of insurance being transacted by the insurer, the Commissioner may approve the agreement of merger or consolidation without a hearing thereon, and the same may be effectuated without approval of the insurer’s members.
18 Del. C. 1953, § 4938; 56 Del. Laws, c. 380, § 1.
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