(1) A domestic stock insurer may, in accordance with this part 17, divide into two
or more resulting insurers pursuant to a plan of division. A domestic stock insurer's plan of division must include:
(a) The name of the domestic stock insurer seeking to divide;
(b) The name of each resulting insurer created by the proposed division and, for each
resulting insurer, a copy of the resulting insurer's:
(I) Proposed articles of incorporation; and
(II) Proposed bylaws;
(c) The manner of allocating assets and liabilities, including policy liabilities,
between or among all resulting insurers;
(d) The manner of distributing shares in the resulting insurers to the dividing insurer
or the dividing insurer's shareholders;
(e) A reasonable description of all liabilities and all assets that the dividing insurer
proposes to allocate to each resulting insurer, including the manner by which the
dividing insurer proposes to allocate all reinsurance contracts;
(f) All terms and conditions required by the laws of this state and the articles of
incorporation and bylaws of the dividing insurer; and
(g) All other terms and conditions required by the division.
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