§ 83-19-7. Expiration of charters under general insurance laws.
252 words·~1 min read·
/ms/title-83-insurance/general-provisions/83-19-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Domestic insurance companies incorporated under the general insurance laws whose charters are subject to limitation of time and who shall, after such limitation expires, continue to do business for ninety
(90)days after March 6, 1956, shall be deemed to have accepted an extension of the time of life of such insurance corporation to a full period of ninety-nine
(99)years from the date of the original charter thereof.
Such insurance corporation shall continue in existence as a de jure corporation as fully and completely as if the charter thereof had been thus amended prior to the end of the original period of fifty
(50)years.
Likewise, whenever the period of existence of a domestic insurance company heretofore created for a period of fifty
(50)years shall expire hereafter, if such corporation shall continue to do business thereafter for a period of ninety
(90)days, the same shall operate as an acceptance of an extension of time of the life of such insurance corporation to a full period of ninety-nine
(99)years from the date of the original charter thereof, and such insurance corporation shall continue in existence as a de jure corporation as fully and completely as if the charter thereof had been thus amended prior to the end of the original period of fifty
(50)years.
Provided, however, that the provisions of this section shall in no way, shape, form, or fashion abate or nullify any suit or claim of whatsoever kind or nature accrued prior to March 6, 1956.