If a proceeding is pending against a mutual insurance company that is the subject of a plan of reorganization under this chapter:

1. (1) the proceeding may be continued against the reorganized insurer under its former name after the effective date of the reorganization, as if the reorganization had not occurred; or
2. (2) the reorganized insurer that succeeds to the mutual insurance company's business may be substituted in the proceeding for the mutual insurance company.

As added by P.L.226-2023, SEC.30.