Wisconsin Code § 644.15

(1) (a) No solicitation for the initial sale to 3rd parties
of the voting stock of the converted insurance company or any intermediate stock holding company may be made without the approval of the commissioner under s. 611.31 (2) and without the
approval of the commissioner and the members of the mutual
holding company as follows:
1. If the mutual holding company plan includes a plan for the
initial sale of voting stock, such approval shall be given at the
time that the mutual holding company plan is approved under s.
644.07 (7) and (8).
2. If the mutual holding company plan does not include a
plan for the initial sale of voting stock of the converted insurance
company or any intermediate stock holding company, the board
of the converted insurance company or any intermediate stock
holding company, following the procedures under s. 644.07 (2) to
(8), may adopt a plan for the initial sale of voting stock to 3rd parties at any future date.
(b) Prior to every issue of voting stock of the converted insurance company and any intermediate stock holding company, the
commissioner, in addition to the approval required under s.
611.31 (2), shall approve the price of the stock, or the procedure
for setting and determining the price of the stock, as fair and equitable to the company issuing the stock.
(2) No initial public offering of voting stock of the converted
insurance company or any intermediate stock holding company
may be conducted unless the persons who were members of the
mutual holding company at the time such offering was approved
by resolution of the board are afforded subscription rights in conjunction with the stock offering.
(3) If the converted insurance company is a life insurance
company, before any approval for the initial sale of voting stock is
granted the commissioner shall find the dividend plan fair and
equitable to policyholders.
(4) Dividends and other distributions to the shareholders of
the converted insurance company or any intermediate stock holding company of a converted insurance company may not be made
except in compliance with ss. 617.22 and 617.225.

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