Florida § 628.471 - Mergers; mutual insurers.
Full text of Florida Florida Statutes § 628.471 — Mergers; mutual insurers., with citation guidance and answers to common questions.
§ 628.471. Mergers; mutual insurers.
(1) A domestic mutual insurer shall not merge with a stock insurer. (2) A domestic mutual insurer may merge with another mutual insurer under the applicable procedures prescribed by the statutes of this state applying to corporations formed for profit, except as hereinbelow provided. (3) The plan and agreement for merger 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 office. If a life insurer, the 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 1 year. (4) No such merger shall be effectuated unless in advance thereof the plan and agreement therefor have been filed with the office and approved by it. The office shall give such approval unless it finds such plan or agreement: (a) Is inequitable to the policyholders of any domestic insurer involved; or (b) Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer in this state and elsewhere.
Frequently Asked Questions About Florida § 628.471
What does Florida Statutes § 628.471 cover?
Section 628.471 ("Mergers; mutual insurers.") is part of the Florida Statutes, the codified statutory law of Florida. 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 Florida § 628.471?
A common citation format is "Florida Statutes § 628.471" (Florida). 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 Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 628.471 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida 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 Florida.