22 GCA § 15311: Merger: Consolidation.

A domestic insurer may merge or consolidate with another insurer, subject to the following conditions:

(a) The plan of merger or consolidation must be submitted to and be approved by the Commissioner in advance of the merger and consolidation.

(b) The Commissioner shall not approve any such plan unless he finds, after a hearing, that it is fair, equitable, consistent with law, and that no reasonable objection exists. If the Commissioner fails to approve the plan, he shall state his reasons for such failure in his order made on such hearing.