Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-69-307. Approval of proposed reorganization plan

(a) The Insurance Commissioner shall issue an order approving or disapproving a proposed plan of reorganization within thirty (30) days after the close of the public hearing as required by § 23-69-306.

(b) The commissioner shall not approve a proposed plan of reorganization unless he or she finds that:

(c) If the commissioner approves a plan of reorganization, the commissioner shall also publish notification of the issuance of the order in a legal newspaper in Pulaski County and in the county of domicile of the mutual insurer if different from Pulaski County.

(d) If the commissioner approves a plan of reorganization, the approval shall expire if the reorganization is not completed within one hundred eighty (180) days after the date of approval, unless extended by the commissioner for good cause, or within sixty (60) days if required by the Gramm-Leach-Bliley Act  1 for depository corporation transactions.

(e) If the commissioner disapproves a plan of reorganization, the commissioner shall issue an order setting forth specific findings for the disapproval.