Every holder of a license under former Title 31, Insurance, at the time Title 31A, Insurance Code, takes effect shall continue to be a licensee of the Insurance Department, subject to the provisions of this title. If a licensee must make changes in its articles, bylaws, or manner of doing business to be in full compliance with this title, and the transition is not specifically provided for under this title, the licensee shall apply for, and the commissioner shall automatically grant, a reasonable, but determinate, time period to enable the licensee to conform to this title.
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