508B.7 Review of plan by commissioner — hearing authorized — approval. The commissioner of insurance shall review the plan. The commissioner shall approve the plan if the commissioner finds the plan complies with all provisions of law, the plan isfair and equitable to the mutual company and its policyholders, and that the reorganizedcompany will have the amount of capital and surplus deemed by the commissioner to bereasonably necessary for its future solvency. The commissioner may order a hearing on thefairness and equity of the terms of the plan after giving written notice of the hearing to themutual company, its policyholders, and other interested persons, all of whom have the rightto appear at the hearing. Costs incurred in connection with the notice shall be paid by thecompany. 85 Acts, ch 127, §7; 90 Acts, ch 1234, §16; 2000 Acts, ch 1023, §10, 60Referred to in §505.23, 511.8(4)(f) Sat Dec 23 00:40:57 2023 Iowa Code 2024, Section 508B.7 (15, 0)
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