(1) A mutual holding company that is domiciled in another state and that desires to become a domestic mutual holding company may submit to the commissioner an application for a certificate of incorporation. The application shall comply with rules promulgated under sub. (2) and shall include or have attached any other relevant documents or information that the commissioner reasonably requires. Upon review of the application, the commissioner may issue a certificate of incorporation if the commissioner determines that all the following are satisfied: (a) The applicant is in compliance with the provisions of this chapter that apply to domestic mutual holding companies. (b) The directors and officers of the applicant are trustworthy and competent and collectively have the competence and experience to engage in the business proposed. (c) The applicant’s insurance company subsidiary that converted from a mutual has become a domestic insurer under s. 611.223. (2) The commissioner shall by rule specify the required contents and form of an application under sub. (1). In determining the required contents, the commissioner shall consider the information and documents that will permit the commissioner to determine whether the requirements of sub. (1) (a) to (c) are satisfied.
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