508B.7 - REVIEW OF PLAN BY COMMISSIONER -- HEARING AUTHORIZED -- APPROVAL.
508B.7 REVIEW OF PLAN BY COMMISSIONER -- HEARING AUTHORIZED -- APPROVAL. The commissioner of insurance shall review the plan. The commissioner shall approve the plan if the commissioner finds the plan complies with all provisions of law, the plan is fair and equitable to the mutual company and its policyholders, and that the reorganized company will have the amount of capital and surplus deemed by the commissioner to be reasonably necessary for its future solvency. The commissioner may order a hearing on the fairness and equity of the terms of the plan after giving written notice of the hearing to the mutual company, its policyholders, and other interested persons, all of whom have the right to appear at the hearing. Costs incurred in connection with the notice shall be paid by the company.
Section History: Recent Form 85 Acts, ch 127, §7; 90 Acts, ch 1234, §16; 2000 Acts, ch 1023, §10, 60 Referred to in § 505.23