40 Pa. Stat. § 623.1
Any corporation or any two corporations now formed or organized under the provisions of the ninth paragraph of section two of the act, approved the twenty-ninth day of April, one thousand eight hundred and seventy-four (Pamphlet Laws 73), entitled "An act to provide for the incorporation and regulation of certain corporations," namely "The maintenance of a society for beneficial or protective purposes to its members from funds collected therein," except fraternal, benevolent, charitable or secret societies issuing beneficial certificates and paying benefits to their membership through the lodge system, and insurance or relief associations formed by or for the exclusive benefit of employes of corporations or firms or formed by or for the exclusive benefit of members of any religious corporation or association, may be reincorporated, or merged and reincorporated, as the case may be, as a life insurance company of the class known as limited life insurance companies, for the purpose of making insurance, either upon the stock or mutual principle, upon the health of individuals and against personal injury or disablement and against death resulting from natural or accidental causes, including endowment insurance, in such amounts and upon such conditions as is now or hereafter may be provided by law in the case of limited life insurance companies: Provided, however, That any such corporation or any two such corporations may not reincorporate, or merge and reincorporate, as a limited life insurance company under this act, unless such corporation or corporations are operating in compliance with the requirements of the act, approved the fourth day of June, one thousand nine hundred thirty-seven (Pamphlet Laws 1643), entitled "An act relating to certain existing beneficial societies; conferring certain rights, powers and duties upon them, their officers and members; authorizing the payment of benefits by them in the event of sickness, accident, disability or death; regulating such societies and corporations; and limiting the amount for which they may issue membership certificates or policies; providing for reserves; imposing penalties; and repealing certain existing laws and parts of law."
40 P.S. § 623.1