The commissioner of insurance shall hold a public hearing upon the terms, conditions and provisions of the proposed plan of merger, consolidation or exchange to determine if it is reasonable, fair and in the public interest. At such hearing the shareholders and the policyholders of each such corporation, and any other interested parties, shall have the right to appear and to become parties to the proceeding.
Such hearing shall be commenced not less than thirty (30) days after the date on which such plan is submitted to the commissioner. The hearing shall be held at such place, date and time as the commissioner shall specify. Notice of the hearing shall be published in a newspaper having general circulation in the city or cities wherein are located the principal office of each corporation which is a party to the plan once a week for two (2) successive weeks, the last publication of such notice to be not more than two (2) weeks prior to the hearing date. Written notice of the hearing shall be mailed at least ten (10) days prior to the hearing by each such corporation to each of their respective shareholders. All expenses of publication shall be borne as specified in the plan.
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