612.22 Merger of town mutuals and mutual insurance corporations.
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612.22 Merger of town mutuals and mutual insurance corporations.
(1)Conditions for merger. One or more town mutuals may merge with a single domestic mutual under ch. 611 . If the domestic mutual is nonassessable, the surviving corporation shall be a mutual under ch. 611 . If the domestic mutual is assessable, the surviving corporation may be either a mutual under ch. 611 or a town mutual under this chapter.
(2)Plan of merger. The board of each participating corporation shall adopt the same plan of merger under s. 181.1102
(1), by resolution containing all of the items described in s. 181.1102
(a)to
(f), and s. 181.1102 shall apply.
(3)Approval by commissioner.
(a)Each of the participating corporations shall file with the commissioner for approval a copy of the resolution and any explanatory material proposed to be issued to the members who have the right to vote on the merger under sub.
(4), together with so much of the information under s. 611.13
(2)or 612.02
(4), whichever is appropriate, for the surviving or new corporation as the commissioner reasonably requires. The commissioner shall approve the plan unless he or she finds, after a hearing, that it would be contrary to the law, or that the surviving or new corporation would not satisfy the requirements for a certificate of authority under s. 611.20 or 612.02
(6), whichever is appropriate, or that the plan would be contrary to the interest of insureds or of the public.