§ 11420
73 words·~1 min read·
/ca/insurance-code/11420A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.