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.