SECTIONS 11420-11422 - California Statutes

INSURANCE CODE

SECTION 11420-11422

11420. Any domestic insurer providing life insurance upon the
assessment plan may transform itself into an incorporated life
insurer issuing policies on a reserve basis with such name as its
directors or trustees determine. If incorporated, such insurer may
make the transformation by amendment of its articles and by-laws,
either by a majority vote of its directors or trustees or in any
other lawful manner. If unincorporated it may make the transformation
by incorporating.

11421. After completing such transformation and procuring from the
commissioner a certificate of authority to transact business in this
State as an incorporated insurer issuing policies on a reserve basis,
it may incur the obligations and enjoy the benefits of such insurer.

11422. The transformed insurer is a continuation of the original
insurer. Its officers elected before or during the transformation
serve through their respective terms as provided in the articles and
by-laws under which they were elected. Their successors shall be
elected and serve as the law and its articles and by-laws provide
after the transformation. Such transformation shall not affect
existing suits, rights or contracts.