§ 1205. Existing corporations. Any insurance corporation incorporated
under the provisions of any law of this state and doing business as an
authorized insurer at the effective date of this chapter shall be
subject to the provisions of this chapter relating to such a
corporation, except that:

(a) It shall be entitled to exercise all powers conferred by virtue of
its charter as in effect on the effective date of this chapter, during
the term thereof, unless specifically prohibited by or pursuant to law.

(b) Subject to article seventy-four of this chapter, its duration
shall be perpetual.

(c) If it has a guarantee capital represented by shares, it may amend
any of the provisions of its charter.