A domestic mutual insurer may, by complying with NRS 693A.550 to 693A.665, inclusive, and obtaining the approval of the Commissioner, reorganize by:

1. 1. Merging the membership interests of its policyholders into:

   1. (a) A mutual insurance holding company formed for the purpose of the reorganization; or
   2. (b) An existing mutual insurance holding company; and
2. 2. Continuing the corporate existence of the mutual insurer as a stock insurer subsidiary of the mutual insurance holding company.

(Added to NRS by 2001, 2241)