Alabama § 27-27-46 - Merger and Consolidations - Domestic Mutual Insurers.
Full text of Alabama Code of Alabama § 27-27-46 — Merger and Consolidations - Domestic Mutual Insurers., with citation guidance and answers to common questions.
§ 27-27-46. Merger and Consolidations - Domestic Mutual Insurers.
(a) A domestic mutual insurer may merge or consolidate with another insurer under the applicable procedures prescribed by the statutes of this state applying to corporations formed for profit, except as provided in this section.
(b) The plan and agreement for merger or consolidation shall be submitted to, and approved by, at least two-thirds of the members of each mutual insurer voting thereon at meetings called for the purpose pursuant to such reasonable notice and procedure as has been approved by the commissioner. If a life insurer, right to vote may be limited to members whose policies are other than term and group policies and have been in effect for more than one year.
(c) No such merger or consolidation shall be effectuated unless in advance thereof the plan and agreement therefor have been filed with the commissioner and approved by him in writing after a hearing thereon. The commissioner shall give such approval within a reasonable time after such filing unless he finds such plan or agreement:
(1) Inequitable to the policyholders of any domestic insurer involved; or
(2) Would substantially reduce the security of, and service to be rendered to, policyholders of the domestic insurer in this state and elsewhere.
(d) If the commissioner does not approve such plan or agreement, he shall so notify the insurers in writing specifying his reasons therefor.
(e) Subsection (e) of Section 27-27-45 shall also apply as to mergers and consolidations of such mutual insurers.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 27-27-46
What does Code of Alabama § 27-27-46 cover?
Section 27-27-46 ("Merger and Consolidations - Domestic Mutual Insurers.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 27-27-46?
A common citation format is "Code of Alabama § 27-27-46" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 27-27-46 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.