613.72 Merger of service insurance corporations.
(1) Authorization. Any 2 or more domestic service insurance corporations may merge, if they provide services of the same or a related nature, or if the services complement one another or there are other reasons that make it reasonable for a single corporation to render both. A written plan of merger shall be prepared, setting forth all the terms of the proposed merger and its effect on policyholders and members of both corporations. The plan shall also contain the articles and bylaws of the proposed new corporation.
(2) Commissioner's approval required. No proposed merger plan under this section may be submitted to the members until the commissioner approves it.
(3) Grounds for disapproval. The commissioner shall approve the plan unless the commissioner finds, after a hearing, that it is contrary to the law or to the interests of insureds or of the public of this state.
(4) Members' approval required. The plan must be approved separately by two-thirds of the votes cast by the members of each corporation included in the plan.
(5) Application of ch. 181. Except as otherwise provided in this section, ss. 181.1101 to 181.1108 apply to service insurance corporations.
History: 1975 c. 223, 421; 1979 c. 102; 1997 a. 79.
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