H. B. 2680
(By Delegates Smirl, Johnson and Walters)
[Introduced February 23, 1995; referred to the
Committee on Banking and Insurance.]
A BILL to amend and reenact section eighteen, article twenty-two,
chapter thirty-three of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
mergers and consolidations between farmers' mutual fire
insurance company and stock insurers.
Be it enacted by the Legislature of West Virginia:
That section eighteen, article twenty-two, chapter thirty-
three of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, be amended and reenacted to read as
follows:
ARTICLE 22. FARMERS' MUTUAL FIRE INSURANCE COMPANIES.
§33-22-18. Mergers and consolidations.
(a) A farmers' mutual fire insurance company shall not merge or consolidate with any stock insurer.
(b) A farmers' mutual fire insurance company may merge or
consolidate with another farmers' mutual fire insurance company
or merge into a domestic mutual insurer in the manner provided in
section twenty-eight, article five of this chapter for the merger
or consolidation of other types of domestic mutual insurers. In
the event of a merger between a farmers' mutual fire insurance
company and a domestic mutual insurer the domestic mutual insurer
shall be the surviving entity.
NOTE: The purpose of this bill is to remove the
requirement that in the event of a merger between a farmers'
mutual fire insurance company and a domestic mutual insurer, the
domestic mutual insurer is the surviving entity.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.