§431:4-503  Conversion or reinsurance ofmutual insurer. (a)  No domestic mutual insurer shall be converted,changed, or reorganized as a stock corporation.

(b)  Such an insurer may be wholly reinsuredin, its assets transferred to, and its liabilities assumed by another mutual orstock insurer under such terms and conditions as are approved by thecommissioner in advance of such reinsurance.

(c)  The commissioner shall not approve anysuch reinsurance agreement which does not determine the amount of and makeadequate provision for paying to policyholders of the mutual insurer,reasonable compensation for their equities as owners of the insurer, suchcompensation to be apportioned to policyholders as identified and in the mannerprescribed in section 431:4-326. [L 1987, c 347, pt of §2]