31A-5-108. Transition provision for former mutual benefit associations,
cooperative associations, county mutuals, and reciprocal insurers.
(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 mutuals by operation of law on July 1, 1986.
(2) If timely adjustment to the requirements of Chapter 5 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.
Enacted by Chapter 242, 1985 General Session
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Last revised: Thursday, May 28, 2009