No person other than the issuer may make a tender offer for 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 insurer if, after the consummation thereof, such person would, directly or indirectly (or by conversion or by exercise of any right to acquire) be in control of such insurer, and no person may enter into an agreement to merge with or otherwise to acquire control of a domestic insurer unless, at the time any such offer, request, or invitation is made or any such agreement is entered into, or prior to the acquisition of such securities if no offer or agreement is involved, such person has filed with the director and has sent to such insurer, and such insurer has sent to its shareholders, a statement containing the information required by § 58-5A-4 and such offer, request, invitation, agreement, or acquisition has been approved by the director in the manner hereinafter prescribed.

A violation of this section is a Class 2 misdemeanor.

Source: SL 1972, ch 267, § 2; SL 1990, ch 158, § 20.