Authority to convert

A domestic mutual insurer authorized to do business in this state may not take part in a demutualization unless the demutualization has first been approved by the commissioner in accordance with this chapter. Any domestic mutual insurer may submit to the commissioner a petition to engage in a demutualization without reincorporation, pursuant to the requirements of this chapter. This chapter does not apply to a reorganization of a mutual insurer into a mutual holding company structure, pursuant to North Dakota Century Code chapter 26.1-12.1.