Section 58-5-124 - Members of domestic mutual insurer voting on bulk insurance, requirement by director--Calling of meeting, notice--Limited rights of members of life insurer to vote

58-5-124. Members of domestic mutual insurer voting on bulk insurance, requirement by director--Calling of meeting, notice--Limited rights of members of life insurer to vote.The director may require that plan and agreement for reinsurance be approved by a vote of not less than two-thirds of each domestic mutual insurer's members voting thereon at meetings of members called for the purpose, pursuant to such reasonable notice and procedure as the director may determine. If a life insurer, right to vote may be limited to members whose policies are other than term or group policies, and have been in effect for more than one year. Source: SL 1966, ch 111, ch 16, §41 (3).