§ 6048e. Changes in plan of operation; voluntary dissolution or cessation of business

(a) Any change in the special purpose financial insurance company‘s plan of operation shall require prior approval of the Commissioner.

(b) Any transaction or series of transactions shall be subject to the prior approval of the Commissioner if such transaction or series of transactions:

(1) is undertaken to dissolve a special purpose financial insurance company; or

(2) results in the termination of all or any part of a special purpose financial insurance company’s business; but no prior approval of the Commissioner shall be required for any transaction or series of transactions described in this subdivision (2) if such transaction or series of transactions is done in accordance with a document or agreement described in the special purpose financial insurance company’s plan of operation and if the Commissioner is notified in advance of such transaction or series of transactions.

(c) A special purpose financial insurance company shall notify the Commissioner in advance of any change in the legal ownership of any security issued by the special purpose financial insurance company. (Added 2007, No. 49, § 17; amended 2013, No. 29, § 56, eff. May 13, 2013.)