44-213.05. Employee benefit plans; ratification of prior plan; modification; approval.

Any plan for retirement, disability, sickness, accident, or death benefits which had been established, participated in, or administered by any domestic insurance company and filed with and approved by the Department of Insurance at any time prior to May 25, 1953, may be continued in force from the original date of its inception if (1) such plan is refiled with the Department of Insurance; (2) such plan is found by the Director of Insurance to be in compliance with the provisions of sections 44-213 to 44-213.07; and (3) such plan and its continuance are found by the Director of Insurance to serve to protect and conserve the present and future interests of the policyholders of the company. If the director finds that such plan does not comply with the provisions of sections 44-213 to 44-213.07 but its continuance in modified form will serve to protect and conserve the present and future interests of the policyholders, he may propose modifications to the plan which, if adopted by a two-thirds vote of the board of directors and a majority of the votes cast in person or by proxy at an annual or special meeting of the stockholders of stock companies or the policyholders of other companies within one year from May 25, 1953, will continue the plan in force from the original date of its inception.

Source:Laws 1953, c. 146, ยง 6, p. 472.