Conversion of domestic mutual insurer to stock insurer

(1) A domestic mutual insurer may convert to a stock insurer by amendment of its articles of incorporation and upon compliance with the requirements of KRS 304.24-600 to 304.24-625 and the applicable requirements of this subtitle and Subtitle 3 of this chapter. (2) A domestic mutual insurer shall only convert to a stock insurer in accordance with a plan of conversion approved by the commissioner.