Section 11530 Of Article 2. Execution Of Plan From California Insurance Code >> Division 2. >> Part 2. >> Chapter 13. >> Article 2.

. Every payment for the acquisition of any shares of the capital stock of such insurer, the purchase price of which is not fixed by such plan, shall be subject to the prior approval of the commissioner. Neither such plan, nor any such payment, may be approved by the commissioner unless he finds that the rights and interests of the insurer, its policyholders, and shareholders are protected.