Connecticut General Statutes 38a-156y – Appraisal rights
(a) A shareholder of a dividing insurer is entitled to appraisal rights and to obtain payment of the fair value of that shareholder’s shares, pursuant to sections 33-855 to 33-868, inclusive, if the dividing insurer is a business corporation.
Terms Used In Connecticut General Statutes 38a-156y
- Appraisal: A determination of property value.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) (1) An interest holder of a dividing insurer that is not a business corporation is entitled to contractual appraisal rights in connection with a division to the extent provided: (A) In the dividing insurer’s organic rules; (B) in the plan of division; or (C) by action of its governors.
(2) If an interest holder is entitled to contractual appraisal rights under subdivision (1) of this subsection and the organic law of the dividing insurer does not provide procedures for the conduct of an appraisal rights proceeding, sections 33-855 to 33-868, inclusive, shall apply to the extent practicable or as otherwise provided in the insurer’s organic rules or plan of division.