(a) A mutual insurance company, by itself or together with one or more mutual insurance companies acting pursuant to a joint reorganization plan, may reorganize in accordance with the requirements of this article, notwithstanding other provisions of this chapter or the provisions of 23-2C-3 of this code.
(b) (1) Such a reorganization plan may only be adopted by the affirmative vote of not less than two-thirds of the mutual insurance companys board of directors.
(2) At any time prior to the mailing of the notice to policyholders required pursuant to 33-27A-4 of this code, a mutual insurance companys board of directors may amend the reorganization plan by affirmative vote of not less than two-thirds of the board of directors. At any time before a reorganization plan has received approval of the Insurance Commissioner, a mutual insurance companys board of directors may withdraw the reorganization plan by the affirmative vote of not less than two-thirds of the board of directors.