614.62 Directors’ liability and indemnification. Section 611.62 applies to fraternals, except that the word “mutual” shall be read “fraternal”.
INSURANCE — FRATERNALS
614.76
sioner but no earlier than the December 31 of the year preceding the proposed contract, and evidence of compliance with pars. (a) and (b). (4) ISSUANCE OF CERTIFICATE BY COMMISSIONER. The commissioner shall issue a certificate approving the merger or consolidation, upon a finding that: (a) The contract conforms to the provisions of this chapter; (b) The parties to the proposed contract have complied with the provisions of sub. (3); and (c) The proposed contract is just and equitable to the members of each fraternal. (5) PROCEDURE FOR NONDOMESTIC FRATERNALS. Where a nondomestic fraternal is a party to the proposed contract, the parties shall follow the procedure for domestic fraternals under subs. (3) and (4), but the commissioner may not issue a certificate of compliance until the parties file a certificate that the proposed contract has been approved in the manner provided by the laws of the jurisdiction under which the fraternal is incorporated, or, if such laws contain no procedure for approval, that the proposed contract has been approved by the commissioner of insurance for that jurisdiction. (6) EFFECTIVE DATE. The merger or consolidation is effective when the commissioner issues a certificate of approval. (7) EFFECT OF CONSOLIDATION OR MERGER. When the merger or consolidation is effective, the surviving or new fraternal shall have all the assets and be liable for all of the obligations of each of the participating fraternals. History: 1975 c. 373, 421; 1979 c. 102.
History: 1975 c. 373.