(1) Except as otherwise provided in this code, a domestic stock or mutual insurance
corporation, including an incorporated mutual benefit association, a county mutual,
a reciprocal insurer, or an incorporated cooperative association, holding a valid
certificate of authority on July 1, 1986, continues to be authorized within the limits
of its certificate of authority. Incorporated mutual benefit associations, county mutuals, reciprocal insurers, and
cooperative associations become Chapter 5, Domestic Stock and Mutual Insurance Corporations,
mutuals by operation of law on July 1, 1986.
(2) If timely adjustment to the requirements of Chapter 5, Domestic Stock and Mutual
Insurance Corporations, would cause an existing stock or mutual insurance corporation
hardship, disproportionate expense, or serious inconvenience, the commissioner may,
upon the corporation's request, grant an extension for compliance with specified requirements,
if the interests of insureds and the public are not endangered. The extension may not be beyond July 1, 1988.
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