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17:48E-47. Filing, approval of conversion plan |
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New Jersey Statutes (Unannotated) / NEW JERSEY GENERAL AND PERMANENT STATUTES (UPDATED THROUGH P.L.2023, c.256, and J.R.18) / TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE |
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17: 48E-47. Filing, approval of conversion plan 17: 48E-47. Filing, approval of conversion plan 3. a. Upon the affirmative vote of the board of directors, the plan for conversion to domestic mutual insurer shall be filed with the commissioner for approval. A public hearing thereon shall be held within 30 days after the filing, with notice provided by publication in a manner satisfactory to the commissioner. At the expiration of 30 days after the public hearing, the commissioner shall...
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approve the plan for filing or disapprove the plan. The commissioner shall approve the plan unless he finds the plan: (1) is contrary to law (2) would be detrimental to the safety or soundness of the proposed domestic mutual insurer; or (3) prejudices the interests...
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