(1) A dividing insurer may abandon its plan of division only as follows:
(a) After the dividing insurer has approved the plan of division without any action by the shareholders and in accordance with any procedures set forth in the plan of division, or if procedures are not set forth in the plan of division, in a manner determined by the board of directors of the dividing insurer; or
(b) After the dividing insurer has filed a certificate of division with the commissioner pursuant to section 10-3-1710, the dividing insurer may file a signed certificate of abandonment with the commissioner. The certificate of abandonment is effective on the date it is filed with the commissioner.
(2) A dividing insurer shall not abandon its plan of division after the plan of division becomes effective.
(3) If a dividing insurer elects to abandon its plan of division after the plan has been filed with the commissioner but before it becomes effective, the dividing insurer shall notify the commissioner.
Source: L. 2021: Entire part added, (HB 21-1013), ch. 144, p. 846, � 1, effective September 7.
10-3-1707. Approval of plan of division - articles of incorporation and bylaws. (1) A dividing insurer shall not file a plan of division with the commissioner until the plan of division has been approved in accordance with all provisions of the dividing insurer's articles of incorporation and bylaws. If the dividing insurer's articles of incorporation and bylaws do not provide for approval of a plan of division, the dividing insurer shall not file the plan of division with the commissioner unless the plan of division has been approved in accordance with all provisions of the dividing insurer's articles of incorporation and bylaws that provide for approval of a merger.
(2) If a provision of a dividing insurer's articles of incorporation or bylaws adopted before September 7, 2021, requires that a specific number or percentage of the board of directors or shareholders propose or adopt a plan of merger or impose other procedures for the proposal or adoption of a plan of merger, the dividing insurer shall adhere to the provision in proposing or adopting a plan of division. If any such provision of the articles of incorporation or bylaws is amended on or after September 7, 2021, the provision applies to a division after September 7, 2021, only in accordance with its express terms.
Source: L. 2021: Entire part added, (HB 21-1013), ch. 144, p. 846, � 1, effective September 7.