DE HB323

Changes language in § 4930 from "shall" to "may" regarding domestic stock insurers' ability to merge or consolidate with corporations not formed for insurance purposes, maintaining the prohibition on such mergers.

Modifies the Commissioner's approval process for merger or consolidation plans by clarifying grounds for disapproval in subsection (b), changing from open-ended language to a specific enumerated list of five conditions.

Requires applicants seeking merger or consolidation approval to pay for any outside attorneys, actuaries, accountants, and other experts retained by the Commissioner to review the proposed transaction.

Changes language in subsection (c) from "shall" to "may" regarding restrictions on directors, officers, agents, or employees receiving compensation related to the merger or consolidation.

Adds new subsection (e) explicitly authorizing the Commissioner to retain outside professional experts at the applicant's expense for reviewing mergers or consolidations.