Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
64B.15 CONVERSION OF FRATERNAL BENEFIT SOCIETY INTO MUTUAL LIFE
INSURANCE COMPANY.
A domestic fraternal benefit society may be converted and licensed as a mutual life insurance
company by compliance with all the financial requirements for a mutual life insurance company.
A plan of conversion shall be prepared in writing by the board of directors setting forth in full
the terms and conditions of conversion. The affirmative vote of two-thirds of all members of the
supreme governing body at a regular or special meeting shall be necessary for the approval of the
plan. No conversion shall take effect unless and until approved by the commissioner who may
give the approval if the commissioner finds that the proposed change is in conformity with the
requirements of law and not prejudicial to the certificate holders of the society.
History: 1985 c 49 s 15
INSURANCE COMPANY.
A domestic fraternal benefit society may be converted and licensed as a mutual life insurance
company by compliance with all the financial requirements for a mutual life insurance company.
A plan of conversion shall be prepared in writing by the board of directors setting forth in full
the terms and conditions of conversion. The affirmative vote of two-thirds of all members of the
supreme governing body at a regular or special meeting shall be necessary for the approval of the
plan. No conversion shall take effect unless and until approved by the commissioner who may
give the approval if the commissioner finds that the proposed change is in conformity with the
requirements of law and not prejudicial to the certificate holders of the society.
History: 1985 c 49 s 15
Official Publication of the State of Minnesota
Revisor of Statutes