B.__"Outside director" means a person who is not an officer, employee or consultant of the mutual holding company, a related stock holding company, the reorganized insurer or other subsidiary of the mutual holding company or a related stock holding company.

C.__"Public offering" means an offer that includes an offer to individuals that is made by means of public advertising or general solicitation.__"Public offering" does not include:

(1)__Issuance of stock to the mutual holding company or any related stock holding company; or

(2)__An offer or sale that is exempt from registration by virtue of Title 32, section 10502, subsection 2, paragraph I, L, N, Q or R.

D.__"Reorganized insurer" means a mutual insurer reorganized as a stock insurer pursuant to section 3488.

E.__"Stock holding company" and "related stock holding company" mean an incorporated entity that holds, directly or indirectly, at least 51% of the voting stock of a reorganized insurer.

F.__"Voting stock" means common stock with general voting rights in the election of directors.

2.__Mutual holding company formed through reorganization.__The following provisions apply to a mutual holding company.

A.__The provisions of Title 13-A that are applicable to a mutual insurer apply to a mutual holding company as though it were a mutual insurer.

B.__A mutual holding company may not dissolve, liquidate or wind up except through proceedings under this Title for the liquidation or dissolution of the reorganized insurer or as the superintendent may otherwise approve.__In the event proceedings are instituted for the complete liquidation of the reorganized insurer:

(1)__The mutual holding company automatically becomes a party to the proceedings;

(2)__All of the mutual holding company's assets, including its holdings of shares in the reorganized