Merger, consolidation of mutual insurers — Impaired mutuals.

§ 4938. Merger, consolidation of mutual insurers — Impaired mutuals. 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;