After adoption by the mutual company’s board of directors, the plan shall be submitted to the Commissioner for review and approval. The Commissioner shall approve the plan upon finding that: The provisions of this section have been complied with; The plan will not prejudice the interests of the members; and The plan’s method of allocating subscription rights is fair and equitable. The Commissioner, in his discretion, may order that a hearing on the plan be held, which hearing shall be conducted in accordance with the contested case procedures set forth in § 2-509 . A decision or order of the Commissioner, after a hearing conducted in accordance with the contested case procedures as set forth in subsection (a-1) of this section, may be reviewed as provided in § 2-510 . Prior to the members’ approval of the plan, a mutual company seeking the Commissioner’s approval of a plan shall file the following documents with the Commissioner for review and approval: The plan of conversion, including the independent evaluation of pro forma market value required by § 31-906(f) ; The form of notice required by § 31-904(b) for eligible members of the meeting to vote on the plan; Any proxies to be solicited from eligible members pursuant to § 31-904(c) ; The form of notice required by § 31-910(a) for persons whose policies are issued after adoption of the plan but before its effective date; and The proposed articles of incorporation and bylaws of the converted stock company. Once filed, these documents shall be approved or disapproved by the Commissioner within a reasonable time. After the members have approved the plan, the converted stock company shall file the following documents with the Commissioner: The minutes of the meeting of the members at which the plan was voted upon; and The revised articles of incorporation and bylaws of the converted stock company. The Commissioner may retain, at the mutual company’s expense, any qualified expert not otherwise a part of the Commissioner’s staff to assist in reviewing the plan and the independent evaluation of the pro forma market value which is required by § 31-906(i) .
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