1. An amendment of articles of incorporation of a domestic insurer shall not be filed
or accepted for filing with the Secretary of State unless first submitted to and approved
by the Commissioner.
2. The insurer shall deliver executed quadruplicate originals of the proposed articles
of amendment to the Commissioner. If the Commissioner finds the same to be in accordance with law, the Commissioner
shall endorse his or her approval on each set of the articles of amendment and return
the same to the insurer. The insurer shall then file the original set with the Secretary of State, one set
with the Commissioner, and otherwise as required by law. If the Commissioner does not so find, the Commissioner shall not approve the proposed
articles of amendment, but shall return all sets to the insurer together with a written
statement of the reasons for nonapproval.
3. After January 1, 1972, no existing domestic stock or mutual insurer shall amend
its articles of incorporation in any way which would conflict with the requirements
of this Code as to a newly formed similar domestic insurer; but an existing domestic
stock insurer with preferred stock already as part of its authorized capital shall
have the right to increase or decrease the amount of the same or modify the rights
and priorities thereof as otherwise permitted by law.
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