- (a) If the Insurance Commissioner determines that the plan may proceed with the court filing, the commissioner shall confirm that fact in writing to the applicant.
(b)
- (1) Within thirty (30) days after the commissioner confirms that the applicant may proceed with the court filing, the applicant shall apply to the court for approval of the plan pursuant to Arkansas Code § 23-69-509.
- (2) Upon written request by the applicant, the commissioner may extend the period for filing an application with the court for an additional thirty (30) days.
- (c) The applicant shall inform the court of the reasons why he or she petitions the court to find no adverse material impact to policyholders or claimants affected by the proposed transfer.
(d)
- (1) The application shall be in the form of a verified petition for implementation of the plan in the court.
(2) The petition shall:
- (A) Include the plan; and
- (B) Identify any documents and witnesses that the applicant intends to present at a hearing regarding the petition.
(e)
- (1) The commissioner shall be a party to the proceedings before the court concerning the petition and shall be served with copies of all filings pursuant to the Arkansas Rules of Civil Procedure.
- (2) The commissioner’s position in the proceeding shall not be limited by his or her initial review of the plan.