Merger, consolidation — Allowable circumstances; “surviving insurer” defined.

  1. Law
  2. Delaware Code
  3. Insurance Code
  4. Organization and Corporate Powers; Procedures of Domestic Stock and Mutual Insurers
  5. Merger, consolidation — Allowable circumstances; “surviving insurer” defined.

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(a) A domestic mutual insurer shall not merge or consolidate with a stock insurer.

(b) A domestic mutual insurer may merge or consolidate with another domestic or foreign mutual insurer under the procedures provided for in this and §§ 4935-4942 of this title.

(c) If for a consolidation and the new corporation is to be domiciled in this State, the new corporation shall be formed under the applicable provisions of the general corporation laws of this State.

(d) For the purposes of this chapter the “surviving insurer” is that which survives and continues as a result of a merger of 2 or more corporations into 1 corporation.


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