(a) A reorganization plan adopted by a mutual insurance companys board of directors shall be voted upon by the mutual insurance companys policyholders at a policyholders meeting. A policyholder is entitled to cast only one vote, in person or by proxy, on the reorganization plan regardless of the number of policies or contracts that the policyholder may own or hold. Only proxies specifically related to the reorganization plan shall be used in determining whether the reorganization plan is approved.
(b) All policyholders shall be given notice of the policyholders meeting to vote upon the reorganization plan at least 30 days prior to the date fixed for the policyholders meeting. Notice of the time and place of such meeting shall be sent by mail to each policyholder at the policyholders post office address as it appears on the books and records of the company. The notice shall include a summary of the reorganization plan adopted by the board of directors, including an analysis of the material financial aspects and potential for dissolution of the policyholders interests in the mutual insurance company under the reorganization plan, a uniform ballot for voting on the question of the reorganization plan, and a statement informing the policyholders that the Insurance Commissioner may fix a time and place for a public hearing on the reorganization plan, to be held within 30 days after the Insurance Commissioners receipt of written notice from the of the policyholders approval of the reorganization plan.
(c) A reorganization plan shall be approved upon receiving the affirmative vote of at least a majority of the votes cast by policyholders.
(d) If a reorganization plan is approved at the policyholders meeting:
(1) The board of directors of the mutual insurance company shall provide the Insurance Commissioner with written notice of that approval within 10 days after the policyholders meeting.