INSURANCE CODE
SECTION 11420-11422
11420.  Any domestic insurer providing life insurance upon theassessment plan may transform itself into an incorporated lifeinsurer issuing policies on a reserve basis with such name as itsdirectors or trustees determine. If incorporated, such insurer maymake the transformation by amendment of its articles and by-laws,either by a majority vote of its directors or trustees or in anyother lawful manner. If unincorporated it may make the transformationby incorporating.11421.  After completing such transformation and procuring from thecommissioner a certificate of authority to transact business in thisState 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 originalinsurer. Its officers elected before or during the transformationserve through their respective terms as provided in the articles andby-laws under which they were elected. Their successors shall beelected and serve as the law and its articles and by-laws provideafter the transformation. Such transformation shall not affectexisting suits, rights or contracts.