Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS
Subchapter 2: PROVISIONS APPLYING ONLY TO MUTUAL INSURERS
§3355. Deposit of qualifying premiums; effective date of insurance
All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein
shall be deposited in trust in a bank or trust company in this State under a written trust agreement consistent with this
section and with section 3354, subsection 3, paragraph C. The corporation shall file an executed copy of such trust agreement
with the superintendent.
1973, c. 585, §12 (AMD)
Upon issuance to the corporation of a certificate of authority as an insurer for the kind or kinds of insurance for which
such applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall
thereafter in due course issue and deliver its policies for which premiums had been paid and accepted. The insurance provided
by such policies shall be effective as of the date of the certificate of authority or thereafter as provided by the respective
1969, c. 132, §1 (NEW)
1969, c. 132, §1 (NEW).
1973, c. 585, §12 (AMD).
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