INS §839.1: (a) In any case where a domestic insurer is directly affected by the total transaction for some part of which the permit applied for is needed, and the commissioner in his discretion determines that r

(a) In any case where a domestic insurer is directly affected by the total transaction for some part of which the permit applied for is needed, and the commissioner in his discretion determines that reasonable grounds exist for contentions that such total transaction or any part thereof: (1) Is a combination of capital, skill, or acts to create or carry out restrictions on or to prevent competition in the insurance business; or (2) Is a combination (in the form of a trust or otherwise) in restraint of the insurance business; or (3) Is an attempt to monopolize the insurance business; or (4) Is a conspiracy to create any of the foregoing; or (5) That such total transaction, or any part thereof, if consummated will create or result in any of the foregoing or will substantially lessen competition in the insurance business. Then, in such event, the Insurance Commissioner may make findings with respect to whether such total transaction, or any part thereof, would or would not do or be any of the foregoing. (b) In the event the Insurance Commissioner makes affirmative findings as provided in subdivision (a) of this section, he may deny the permit applied for.