On the effective date of the conversion, the corporate existence of the reciprocal insurer continues in the stock company. On the effective date of the conversion, the assets, rights, franchises and interests of the reciprocal insurer in and to every species of real, personal and mixed property and the accompanying things in action are vested in the stock company without a deed or other instrument of transfer and the stock company assumes the obligations and liabilities of the reciprocal insurer.
Cross References. Section 3508 is referred to in section 3502 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 35 - Medical Professional Liability Reciprocal Exchange-to-Stock Conversion
Section 3502 - Adoption of plan of conversion
Section 3503 - Contents of plan of conversion
Section 3504 - Optional provisions of plan of conversion
Section 3505 - Alternative plan of conversion
Section 3506 - Effective date of plan
Section 3508 - Corporate existence
Section 3509 - Conflict of interest
Section 3510 - Failure to give notice
Section 3511 - Limitation on actions
Section 3512 - Reciprocal insurer insolvent or in hazardous financial condition
Section 3513 - Rules and regulations
Section 3514 - Laws applicable to stock company
Section 3515 - Licensing of stock company and commencement of business as an insurance company