644.28 Voluntary dissolution of domestic mutual holding companies.
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644.28 Voluntary dissolution of domestic mutual holding companies.
(1)Plan of dissolution. Subject to this section, ss. 181.1401 to 181.1407 apply to mutual holding companies.
(2)Approval by the commissioner.
(a)At least 60 days prior to the submission to members of any proposed voluntary dissolution of a mutual holding company under s. 181.1401 , the plan shall be filed with the commissioner. The commissioner may require the submission of additional information relevant to the effect of the proposed dissolution on the solvency of the converted insurance company. The commissioner shall approve the dissolution unless, after a hearing, the commissioner finds that dissolution of the mutual holding company would cause the converted insurance company to become insolvent, would be unfair or inequitable to the members of the mutual holding company or would not be in the best interests of the policyholders of the converted insurance company or the public.