A. Any domestic limited stock insurer formed and existing pursuant to section 20-708 which does not come within the provisions of section 20-708, subsection B, and which holds a valid certificate of authority as such an insurer, shall become a domestic life and disability reinsurer on the effective date of this article. If such reinsurer meets the requirements for a renewal certificate of authority under the provisions of this article, it shall have its authority renewed under such provisions beginning with the first certificate of authority renewal following the effective date of this article.

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B. Any domestic limited stock insurer formed and existing pursuant to section 20-708 which comes within the provisions of section 20-708, subsection B, which holds a valid certificate of authority as such an insurer, but which was transformed into a domestic life and disability reinsurer by operation of the provisions of subsection D of section 20-210 shall be a domestic life and disability reinsurer, but shall continue to have such right and privilege to issue life and disability policies direct to the public as is provided in section 20-708. If such reinsurer meets the requirements for a renewal certificate of authority under the provisions of this article, it shall have its authority renewed under such provisions beginning with the first certificate of authority renewal following the effective date of this article.