Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-138 - CAPTIVE INSURERS
Section 482-1-138-.15 - Acquisition Of Control Of Or Merger With Domestic Company

Universal Citation: AL Admin Code R 482-1-138-.15
Current through Register Vol. 42, No. 5, February 29, 2024

No person other than the issuer shall make a tender offer of or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in the open market or otherwise, any voting security of a domestic company if, after the consummation thereof, the person would, directly or indirectly (or by conversion or by exercise of any right to acquire) be in control of the company; and no person shall enter into an agreement to merge with or otherwise to acquire control of a domestic company without the prior written approval of the commissioner. In considering any application for acquisition of control or merger with a domestic company, the commissioner shall consider all of the facts and circumstances surrounding the application as well as the criteria for establishment of a company set out in this chapter.

Author: Commissioner of Insurance

Statutory Authority: Code of Ala. 1975, §§ 27-2-17; 27-7-43, 27-31B-17.

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