58-5-131. Filing and hearing on consolidation or merger plan--Grounds for disapproval.
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/sd/title-58/chapter-58-5/58-5-131·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No such merger or consolidation shall go into effect until the plan and agreement therefor is filed with the director and approved by him after a hearing thereon. Such plan and agreement shall be approved by the director within a reasonable time unless he finds such plan or agreement:
(1)Is contrary to law; or
(2)Is inequitable to the policyholders of any domestic insurer involved; or
(3)Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer.