California Insurance Code

§ 11420

INS § 11420Div. 2 · Part 2 · Ch. 11 · Art. 1

Statute text

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.

Legislative history

Enacted by Stats. 1935, Ch. 145.