A domestic stock insurer shall have the right to purchase or acquire shares of its own stock only as follows: [PL 1969, c. 132, §1 (NEW).] 1. For elimination of fractional shares. [PL 1969, c. 132, §1 (NEW).] 2. Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good faith for purposes other than the acquisition of such shares. [PL 1969, c. 132, §1 (NEW).] 3. For the purposes of a general savings and investment plan for employees or agents of the insurer. [PL 1969, c. 132, §1 (NEW).] 4. For mutualization of the insurer, as provided in section 3472. [PL 1969, c. 132, §1 (NEW).] 5. For retirement or otherwise of the shares under a plan submitted to and approved in writing by the superintendent. The superintendent may not approve a plan unless found by the superintendent to be reasonable, fair and equitable as to remaining stockholders of the insurer, and not materially adverse to the protection of the insurer's policyholders. [RR 2021, c. 1, Pt. B, §280 (COR).]
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