Section 3422 - Purchase of own shares by stock insurerA domestic stock insurer shall have the right to purchase or acquire shares of its own stock only as follows: [1969, c. 132, §1(NEW).]
1. For elimination of fractional shares. [1969, c. 132, §1(NEW).]
2. Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good faith for purposes other than the acquisition of such shares. [1969, c. 132, §1(NEW).]
3. For the purposes of a general savings and investment plan for employees or agents of the insurer. [1969, c. 132, §1(NEW).]
4. For mutualization of the insurer, as provided in section 3472. [1969, c. 132, §1(NEW).]
5. For retirement or otherwise of the shares under a plan submitted to and approved in writing by the superintendent. The superintendent may not approve a plan unless found by the superintendent to be reasonable, fair and equitable as to remaining stockholders of the insurer, and not materially adverse to the protection of the insurer's policyholders. [RR 2021, c. 1, Pt. B, §280(COR).]
1969, c. 132, § 1 (NEW) . 1973, c. 585, § 12 (AMD) .