(a) The commissioner shall hold a hearing on a proposed plan of merger or consolidation
not later than the 15th day after the date on which the plan is filed with the commissioner
as required by Section 824.004.
(b) Not later than the 15th day after the hearing date, the commissioner shall:
(1) give written approval of the plan to each insurance corporation that is a party
to the proposed merger or consolidation; or
(2) disapprove the plan if the commissioner determines that the plan:
(A) is contrary to law; or
(B) would not be in the best interests of the policyholders affected by the plan and
would substantially reduce the security of and service to be rendered to policyholders
of the insurance corporation in this state or elsewhere.
(c) The commissioner may extend the period during which the commissioner may affirmatively
approve or disapprove the proposed plan if representatives of the applicants for the
proposed merger or consolidation concur in that extension.
(d) If the commissioner disapproves a proposed plan, the commissioner shall specify
in detail the reasons for that disapproval.
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