Alabama § 27-35-2 - Conversion into Stock or Mutual Life Insurance Company - Plan of Conversion; Approval or Disapproval Thereof.
Full text of Alabama Code of Alabama § 27-35-2 — Conversion into Stock or Mutual Life Insurance Company - Plan of Conversion; Approval or Disapproval Thereof., with citation guidance and answers to common questions.
§ 27-35-2. Conversion into Stock or Mutual Life Insurance Company - Plan of Conversion; Approval or Disapproval Thereof.
(a) The proposed plan for the conversion of the society into a stock or mutual life insurer shall be prepared in writing, setting forth in full the terms and conditions thereof. After approval of the plan by the society’s board of directors, the society shall file the plan of conversion with the commissioner.
(b) If, upon examination thereof, the commissioner is of the opinion that the plan is complete, is in compliance with the law, is fair and equitable to the certificate holders and interests of the society and that no reasonable objection thereto exists, he shall approve the plan; if he finds otherwise, the commissioner shall disapprove the plan. If not disapproved and written notice thereof given the society within 30 days after the date of filing with the commissioner, the plan shall be deemed to have been approved as of the expiration of such 30 days’ period. In any such notice of disapproval, the commissioner shall state the reasons for disapproval.
(c) No society shall effectuate any plan of conversion which has been disapproved by the commissioner.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 27-35-2
What does Code of Alabama § 27-35-2 cover?
Section 27-35-2 ("Conversion into Stock or Mutual Life Insurance Company - Plan of Conversion; Approval or Disapproval Thereof.") 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 § 27-35-2?
A common citation format is "Code of Alabama § 27-35-2" (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 § 27-35-2 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.