Stock acquisition plan deemed merger--Approval required

Any plan by which a stock insurer proposes to acquire a substantial or controlling stock interest in another stock insurer through an exchange of stock is deemed to be a plan of merger which requires the approval of the director of the Division of Insurance in accordance with provisions of §§ 58-5-131 to 58-5-133 , inclusive. Source: SL 1966, ch 111 , ch 16, § 38 (6).