CHAPTER 403

FORMERLY

HOUSE BILL NO. 647

AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO THE CONVERSION OF A MUTUAL INSURER TO A STOCK INSURER.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend § 4933, Chapter 49, Title 18, Delaware Code by adding the following subsection:

"(e) In the event the equity of each member is determined' under paragraph (b)3 above to be $0, the Commissioner may disregard the requirements of paragraphs (b)4 and (b)7 above in approving a plan of conversion, if the Commissioner finds that such approval would otherwise be in the best interests of policyholders."

Approved July 13, 1998