Sec. 6. The commissioner shall approve a plan submitted under this article unless the commissioner makes at least one (1) of the following findings with respect to the plan:
(1) Disapproval of the plan is necessary to prevent practices that will cause material financial impairment to the applicant or its subsidiaries.
(2) The financial position or management resources and capabilities of the applicant or its subsidiaries or affiliates warrant disapproval.
(3) The plan does not comply with this article.
(4) The proposed plan would not be fair and equitable to the members.