1. (a) As soon as practicable after the commissioner holds a hearing on a proposed plan under Section 882.554, the commissioner shall approve the plan unless the commissioner determines that:

   1. (1) the plan is contrary to law; or

   2. (2) implementation of the plan:

      1. (A) would not be in the best interests of the policyholders of any mutual life insurance company that is a party to the plan; or
      2. (B) would substantially reduce the security of or service to be rendered to policyholders of any mutual insurance company that is a party to the plan, regardless of whether the policyholders reside in this state or elsewhere.
2. (b) In determining whether to approve a proposed plan, the commissioner may consider all relevant financial or other information, including past, present, and future operations and accumulations of each company that is a party to the plan.
3. (c) If the commissioner approves the proposed plan, the commissioner shall notify each party to the plan of the approval.

4. (d) If the commissioner disapproves the proposed plan, the commissioner shall, within a reasonable time after holding a hearing under Section 882.554:

   1. (1) specify in detail each reason for the disapproval; and
   2. (2) notify each party to the plan.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.