Division Of Domestic Stock Insurer

The act states that a domestic stock insurer (dividing insurer) may divide into 2 or more resulting insurers pursuant to a plan of division. A plan of division must include:The name of the dividing insurer; The name of each resulting insurer created by the proposed division and, for each resulting insurer, a copy of proposed articles of incorporation and proposed bylaws; The manner of allocating assets and liabilities, including policy liabilities, between or among all resulting insurers; The manner of distributing shares in the resulting insurers to the dividing insurer or the dividing insurer's shareholders; A reasonable description of all liabilities and all assets that the dividing…