1. A mutual insurer heretofore formed and transacting insurance under this chapter may issue nonassessable advance cash premium
policies in this State upon compliance with either of the following requirements:
A. Surplus." Headnote=" The insurer shall have and maintain a surplus to policyholders, as determined by its last annual statement
filed with the superintendent, of not less than $100,000, or [1973, c. 585, §12 (AMD).]
B. Surplus and unearned premium reserve. The insurer shall have and maintain a surplus to policyholders, as determined by its
latest annual statement filed with the superintendent, of not less than $75,000, provided its unearned premium reserve is
at all times less than its surplus to policyholders. [1973, c. 585, §12 (AMD).]
2. If such an insurer, after qualifying to issue a nonassessable cash premium policy, fails to maintain one of the above requirements
it shall cease to issue a nonassessable policy until it has again met and maintained the requirements for a period of one
year.
[
1969, c. 132, §1 (NEW)
.]
SECTION HISTORY
1969, c. 132, §1 (NEW).
1973, c. 585, §12 (AMD).
Data for this page extracted on 11/09/2009 11:20:25.