A domestic reciprocal insurer may merge with another reciprocal insurer or be converted to a stock insurer or mutual insurer if: at least two-thirds of the subscribers who vote on the merger or conversion after notice vote in favor of the merger or conversion; and the Commissioner approves the terms of the merger or conversion. The Commissioner may not approve a plan for merger or conversion unless: the plan is equitable to subscribers; and for conversion to a stock insurer, the plan gives each subscriber: preferential right to acquire stock of the proposed stock insurer proportionate to the subscriber's interest in the reciprocal insurer; and a reasonable length of time to exercise the preferential right. If a domestic reciprocal insurer converts to a stock insurer or mutual insurer, the successor stock insurer or mutual insurer is subject to the same capital or surplus requirements and has the same rights as a like domestic insurer that transacts like kinds of insurance business.