44-6128. Plan of reorganization; approval; director; order.
(1) The director shall issue an order approving or disapproving a proposed plan of reorganization within thirty days after the close of the public hearing as required by section 44-6127.
(2) The director shall not approve a proposed plan of reorganization unless he or she finds that:
(a) The plan of reorganization is fair and equitable to the policyholders;
(b) The plan of reorganization does not deprive the policyholders of their property rights or due process of law; and
(c) The reorganized stock insurer would meet the minimum requirements to be issued a certificate of authority by the director to transact the business of insurance in this state and the continued operations of the reorganized stock insurer would not be hazardous to future policyholders and the public.
(3) If the director approves a plan of reorganization, the director shall also publish notification of the issuance of the order in a legal newspaper in Lancaster County and in the county of domicile of the mutual insurer if different than Lancaster County.
(4) If the director approves a plan of reorganization, the approval shall expire if the reorganization is not completed within one hundred eighty days after the date of approval unless extended by the director for good cause.
(5) If the director disapproves a plan of reorganization, the director shall issue an order setting forth specific findings for the disapproval.
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