Sec. 15. No such corporation, association, or society, organized under the laws of this state, shall transfer its risks to, or reinsure them in any other corporation, association, or society unless the contract of transfer or reinsurance is first submitted to and approved by a two-thirds (2/3) vote of a meeting of the insured, called to consider the same, of which meeting, a written or printed notice shall be mailed to each member, certificate holder, or policyholder, at least thirty (30) days before the day fixed for such meeting. If such transfer or reinsurance shall be approved, every member, certificate holder or policyholder of the corporation, association, or society, who shall file with the secretary of the corporation, association, or society, within ten (10) days after the meeting, a written notice of the member's, certificate holder's, or policyholder's preference to be transferred to some other corporation, association, or society, than that named in the contract, shall be accorded all the rights and privileges, if any, in aid of such transfer as would have been accorded under the terms of such contract had the member, certificate holder, or policyholder been transferred to the corporation, association, or society named. No such corporation, association, or society, organized under the laws of this state, shall transfer its risks or assets, or any part of its risks or assets, to, or reinsure its risks, or any part of its risks or assets, in any insurance corporation, association, or society of any other state or country, which is not at the time of such transfer or reinsurance authorized to do business in this state under the laws of this state.
Formerly: Acts 1897, c.195, s.15. As amended by P.L.136-2018, SEC.191.