A domestic mutual life insurance company may be converted into a fraternal under Chapter 9, Insurance Fraternals, in the following manner: (1) The board of directors of the company shall adopt a plan of conversion stating: (a) the basis for and the purposes of the proposed action; (b) the proposed articles and bylaws for the new fraternal; and (c) the proposed procedure and estimated expenses for implementing the conversion. (2) The plan shall be filed with the commissioner for approval, together with the information under Subsection 31A-9-205(2) required by the commissioner. The commissioner shall approve the plan unless the commissioner finds, after a hearing, that: (a) the conversion would be contrary to the law; (b) the new fraternal would not satisfy the requirements for a certificate of authority under Section
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