Senate Bill No. 355
(By Senators Scott, Wooton, Ross, Chafin, Jackson,
Yoder, Wagner, Minear, Anderson and Boley)
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[Introduced February 9, 1996; referred to the Committee
on Banking and Insurance.]
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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 farmers' mutual fire insurance companies; and
abolishing the requirement that the domestic mutual
insurer be the surviving entity resulting from a merger
between a farmers' mutual insurance company and a
domestic mutual insurer.
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 may 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 with 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 to be the surviving entity.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.
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