1. When the commissioner and the policyholders approve the conversion plan as provided
in this chapter, the commissioner shall issue a new certificate of authority to the
reorganized company effective on the effective date of the conversion as provided
in the plan. The reorganized company is a continuation of the mutual life insurance company and
the conversion shall not annul or modify any of the mutual company's existing suits,
contracts, or liabilities except as provided in the approved conversion plan. All rights, franchises, and interests of the mutual company in and to property,
assets, and other interests shall be transferred to and shall vest in the reorganized
company and the reorganized company shall assume all obligations and liabilities of
the mutual company.
2. The reorganized company shall exercise all rights and powers and perform all duties
conferred or imposed by law on life insurance companies writing the classes of insurance
written by it, and shall retain the rights and contracts existing before conversion,
subject to provisions of the plan.
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