CHAPTER 11. Change by Assessment Plan Insurer to Reserve Plan [11420. - 11490.]

Chapter 11 enacted by Stats. 1935, Ch. 145.

§§ 11420–11490 · 12 sections

1. ARTICLE 1. Authorization and Effect §§ 11420–11422 · 3 sections

   • § 11420 Any domestic insurer providing life insurance upon the assessment plan may transform itself into an incorporated life insurer issuing policies on a reserve…
   • § 11421 After completing such transformation and procuring from the commissioner a certificate of authority to transact business in this State as an incorporated…
   • § 11422 The transformed insurer is a continuation of the original insurer. Its officers elected before or during the transformation serve through their respective…
2. ARTICLE 2. Capital Adjustments §§ 11440–11443 · 4 sections

   • § 11440 Any insurer so reorganized shall have assets representing a paid-in capital represented by shares of stock apart from any assets described in Section 11441. At…
   • § 11441 All assets belonging before transformation to any such insurer or arising or accruing from policies issued upon the assessment plan, shall be used only for the…
   • § 11442 If, at or after the time of the transformation, it appears, either from the last preceding annual report by such insurer to the commissioner, or from an…
   • § 11443 The fund required by Section 11442 shall be used for the payment of matured liabilities arising under the assessment plan when other assets applicable thereto…
3. ARTICLE 3. Transfer of Insurance § 11460 · 1 section

   • § 11460 Members of the insurer who are in good standing prior to the transformation may thereafter transfer their insurance, without change of amount and without…
4. ARTICLE 4. Powers of Insurer After Transformation §§ 11470–11472 · 3 sections

   • § 11470 The insurer, after such transformation, shall exercise all the rights and powers and perform all the duties conferred or imposed by law upon insurers writing…
   • § 11471 Such insurer shall exercise all the rights and powers and perform all the duties necessary to protect rights and contracts existing prior to reorganization.
   • § 11472 The commissioner shall exercise the powers and discharge the duties, concerning any such insurer, that are applicable to domestic insurers issuing policies of…
5. ARTICLE 5. Valuation of Policies § 11490 · 1 section

   • § 11490 Any life insurer which has transformed its business pursuant to this chapter shall value its assessment policies according to the standard of valuation which…