No licensee shall merge with any other company unless either of the following apply:
(a) If the licensee is to be the surviving company, the merger is first approved by the commissioner.
(b) If the licensee is to be a disappearing company, the surviving company is a licensee and the merger is first approved by the commissioner.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)