(a) The standing of each claim against an association that converts or reinsures under
this subchapter must be preserved unimpaired under the reorganized company or the
company reinsuring the membership of the association.
(b) Each debt, liability, and duty of a converted or reinsured association attaches
to the reorganized company or the company reinsuring the membership of the association
and may be enforced against it to the same extent as if the debt or liability had
been incurred or contracted by the company, except that a reorganized company or reinsuring
company may alter a liability created under the terms of an insurance certificate
outstanding at the date of conversion or reinsurance in accordance with the plan approved
by the commissioner under this subchapter.
(c) Notwithstanding Subsection (b), the company may not alter the renewability or
noncancellability of an insurance certificate issued before the date of conversion
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