Wisconsin § 612.23 - Conversion of town mutuals into mutual insurance corporations.

§ 612.23. Conversion of town mutuals into mutual insurance corporations.

One or more town mutuals may be converted into a single mutual insurance corporation under ch. 611 , as follows: 612.23(1) (1) Conversion plan. The board of each participating town mutual shall adopt the same plan of conversion by resolution stating: 612.23(1)(a) (a) The reasons for and the purposes of the proposed action; 612.23(1)(b) (b) The proposed terms, conditions and procedures for and estimated expenses of implementing the conversion; 612.23(1)(c) (c) The proposed name of the corporation; and 612.23(1)(d) (d) The proposed articles and bylaws. 612.23(2) (2) Approval by commissioner. The town mutuals shall file with the commissioner for approval the plan together with so much of the information under s. 611.13 (2) as the commissioner reasonably requires. The commissioner shall approve the plan unless the commissioner finds, after a hearing, that it would be contrary to the law, that the new mutual would not satisfy the requirements for a certificate of authority under s.