§ 7107. Expedited approval; mutual property/casualty insurance
companies. If in the judgment of the superintendent the interests of the
policyholders require it, a domestic mutual property/casualty insurance
company may, after obtaining the tentative approval of the
superintendent and subject to his final approval, enter into an
agreement of merger or consolidation with an authorized assuming mutual
property/casualty insurance company, upon the adoption of such agreement
by the boards of directors of such companies at special meetings called
for the purpose upon at least ten days notice. Upon the execution of
such agreement, notice thereof, in a form approved by the
superintendent, shall immediately be mailed to the policyholders of both
companies. If within thirty days after such notice five percent or more
of the policyholders of either company, determined as of the date of
mailing such notice, shall file with the superintendent their objections
to such agreement, the superintendent shall call a hearing thereon upon
such notice as the superintendent shall deem advisable. If upon such
hearing the superintendent shall find that the terms of such agreement
are not fair and reasonable to the policyholders and creditors affected
thereby, the superintendent may withdraw his tentative approval of such
agreement which shall thereupon become null and void. If the
superintendent finally approves such agreement, the other provisions of
this article, except sections seven thousand one hundred four, seven
thousand one hundred five and seven thousand one hundred nineteen of
this article, shall be applicable to such merger or consolidation.