CONVERSION THROUGH CREATION OF HOLDING COMPANY

(a) A converting company, on approval by the commissioner, may reorganize by forming a holding company based on a mutual plan and continuing the corporate existence of the converting company as a stock insurance company. (b) A mutual holding company is considered an insurer subject to this chapter and Chapter 883. A mutual holding company is automatically a party to an administrative proceeding under this code involving an insurance company that, as a result of a reorganization under this subchapter, is a subsidiary of the mutual holding company. In any proceeding involving the resulting company, the assets of the mutual holding company are considered assets of the resulting company for purposes of satisfying the claims of the resulting company's policyholders. (c) A mutual holding company may not dissolve or liquidate without the approval of the commissioner. (d) A mutual holding company may convert to a stock holding company under this chapter as if the mutual holding company were a mutual insurance company.