Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
61A.48 CHANGE TO LEGAL RESERVE OR LEVEL PREMIUM COMPANIES.
Any corporation, association, or society, as described in section 61A.39, may, with the
written consent of the commissioner, upon a majority vote of its governing body, amend its
articles of incorporation and bylaws in such manner as to transform itself into a legal reserve or
level premium insurance company and, upon so doing and upon procuring from the commissioner
a certificate of authority, as provided by law, to transact business in this state as a legal reserve
or level premium company, shall incur the obligations and enjoy the benefits thereof, the same
as though originally thus incorporated, and this corporation, under its charter, as amended, shall
be a continuation of the original corporation, and the officers thereof shall serve through their
respective terms, as provided in the original charter, but their successors shall be elected and serve
as in the amended articles provided; but the amendment or reincorporation shall not affect existing
suits, rights, or contracts. Any corporation, association, or society so reincorporated to transact the
business of life insurance, shall, unless a higher method of valuation be provided for in its policy,
or certificates of membership previously written, value its assessment policies or certificates of
membership previously written as yearly renewable term policies, according to the standard of
valuation of life insurance policies prescribed by the laws of this state.
History: 1967 c 395 art 2 s 48
Any corporation, association, or society, as described in section 61A.39, may, with the
written consent of the commissioner, upon a majority vote of its governing body, amend its
articles of incorporation and bylaws in such manner as to transform itself into a legal reserve or
level premium insurance company and, upon so doing and upon procuring from the commissioner
a certificate of authority, as provided by law, to transact business in this state as a legal reserve
or level premium company, shall incur the obligations and enjoy the benefits thereof, the same
as though originally thus incorporated, and this corporation, under its charter, as amended, shall
be a continuation of the original corporation, and the officers thereof shall serve through their
respective terms, as provided in the original charter, but their successors shall be elected and serve
as in the amended articles provided; but the amendment or reincorporation shall not affect existing
suits, rights, or contracts. Any corporation, association, or society so reincorporated to transact the
business of life insurance, shall, unless a higher method of valuation be provided for in its policy,
or certificates of membership previously written, value its assessment policies or certificates of
membership previously written as yearly renewable term policies, according to the standard of
valuation of life insurance policies prescribed by the laws of this state.
History: 1967 c 395 art 2 s 48
Official Publication of the State of Minnesota
Revisor of Statutes