(a) A mutual insurance company shall not proceed with a reorganization plan approved by the mutual insurance companys policyholders until the reorganization plan has been reviewed by and has received the approval of the Insurance Commissioner and the articles of incorporation for the mutual insurance holding company and reorganized stock company, if any, for an intermediate holding company, have also been examined and approved by the Insurance Commissioner.
(b) The Insurance Commissioner shall approve a reorganization plan if upon review, he or she finds all of the following:
(1) The adoption, approval and contents of the reorganization plan comply with the provisions of this article,