After the effective date of the reorganization of a mutual insurance company as a mutual insurance holding company under this chapter, the mutual insurance holding company must at all times have the direct or indirect power to cast at least a majority of the votes for the election of the members of the board of directors of:

1. (1) each stock insurance company subsidiary; and
2. (2) any intermediate stock holding company.

As added by P.L.226-2023, SEC.30.