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

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1.  Merging the membership interests of its policyholders into:

(a) A mutual insurance holding company formed for the purpose of the reorganization; or

(b) An existing mutual insurance holding company; and

2.  Continuing the corporate existence of the mutual insurer as a stock insurer subsidiary of the mutual insurance holding company.