Sec. 884.559. ACTION AFTER AGREEMENT RATIFICATION. (a) After ratification of the reinsurance agreement under Section 884.556 , the mutual assessment company shall cease doing business and shall transfer all of its assets to the assuming stipulated premium company. (b) The stipulated premium company shall assume: (1) all policy liability in accordance with the reinsurance agreement; and (2) all other liabilities in accordance with the method of payment of those liabilities. (c) On transfer of a mutual assessment company's assets: (1) the company shall promptly surrender its certificate of authority and charter to the department; and (2) the company's corporate existence ceases.
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