693A.575 - Procedure for reorganization. - Nevada Statutes

693A.575  Procedure for reorganization.  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.  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.

      (Added to NRS by 2001, 2241)