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            A domestic mutual insurance company, upon approval of the commissioner, may reorganize by forming a mutual insurance holding company based upon a mutual plan or by merging its policyholders’ membership interests into such a mutual insurance holding company. The reorganized insurance company shall continue, without interruption, its corporate existence as a stock insurance company subsidiary to the mutual insurance holding company or as a stock insurance company subsidiary to an intermediate holding company which is a subsidiary of the mutual insurance holding company. A reorganization pursuant to this Section is subject to the provisions of La. Rev. Stat. 22:691.1 et seq., the Insurance Holding Company System Regulatory Law.

            Acts 1997, No. 1482, §1; Redesignated from La. Rev. Stat. 22:820 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2022, No. 161, §1.

NOTE: See Acts 1997, No. 1482, §2, regarding nonapplicability to certain nonprofit mutual associations.

NOTE: Former La. Rev. Stat. 22:231 redesignated as La. Rev. Stat. 22:1201 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.