Insurance Code section 11420

Any domestic insurer providing life insurance upon the assessment plan may transform itself into an incorporated life insurer issuing policies on a reserve basis with such name as its directors or trustees determine. If incorporated, such insurer may make the transformation by amendment of its articles and by-laws, either by a majority vote of its directors or trustees or in any other lawful manner. If unincorporated it may make the transformation by incorporating.

Source: Section 11420, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=INS§ionNum=11420.­ (updated Jan. 1, 1935; accessed Jun. 9, 2025).

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Verified:
Jun. 9, 2025

§ 11420’s source at ca​.gov