(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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