Sec. 1. (a) A mutual insurance company may reorganize under this chapter as a mutual insurance holding company with one (1) or more subsidiaries if the following occur:
(1) The adoption of a plan of reorganization by the mutual insurance company's board of directors in accordance with section 4 of this chapter.
(2) The approval by the commissioner of the mutual insurance company's application for reorganization.
(3) The favorable vote of the mutual insurance company's members under sections 8 through 12 of this chapter.
(b) The subsidiaries of a mutual insurance holding company that result from a reorganization of a mutual insurance company under this chapter:
(1) must include at least one (1) stock insurance company subsidiary; and
(2) may include one (1) or more intermediate stock holding companies.