(a) The Commissioner shall not issue a certificate of authority to a domestic mutual insurer unless it has fully qualified therefor under this title, and unless it has met the minimum requirements for the kind of insurance it proposes to transact as provided in this chapter. (b) All applications for insurance submitted by such an […]
(a) When newly organized a domestic mutual insurer may be authorized to transact any one of the kinds of insurance listed in the schedule contained in subsection (b) of this section. (b) When applying for an original certificate of authority the insurer must be otherwise qualified therefor under this title, and must have received and […]
A domestic mutual insurer may be authorized to transact kinds of insurance in addition to that for which it was originally authorized, if it has otherwise complied with the provisions of this title therefor, and while it possesses and maintains surplus funds in aggregate amount not less than the minimum amount of capital and special […]
A domestic mutual insurer on the cash premium plan shall at all times have and maintain surplus funds, representing the excess of its assets over its liabilities, in amount not less than the aggregate of — (1) the amount of any surplus funds deposited by it with the Commissioner to qualify for its original certificate […]
(a) Each holder of one or more insurance contracts issued by a domestic mutual insurer, other than a contract of reinsurance, is a member of the insurer, with the rights and obligations of such membership, and each insurance contract so issued shall effectively so stipulate. (b) Any person, government or governmental agency, state or political […]
(a) A domestic mutual insurer is owned by and shall be operated in the interest of its members. (b) Each member is entitled to one vote in the election of directors and on matters coming before corporate meetings of members, subject to such reasonable minimum requirements as to duration of membership and amount of insurance […]
A domestic mutual insurer shall adopt bylaws for the conduct of its affairs. Such bylaws, and any modification thereof, shall forthwith be filed with the Commissioner. The Commissioner shall disapprove any such bylaws, or modifications thereof, if he finds after a hearing thereon, that it is not in compliance with the laws of this territory, […]
(a) Notice of the time and place of the annual meeting of members of a domestic mutual insurer shall be given by imprinting such notice plainly on the policies issued by the insurer. (b) Except as provided in subsection (c) of this section, any change of the time or place of the annual meeting shall […]
(a) A member of a domestic mutual insurer may vote in person or by proxy given another member on any matter coming before a corporate meeting of members; Provided, however, That an officer of the insurer shall not hold or vote the proxy of any member. (b) No such proxy shall be valid beyond the […]
No individual shall be disqualified to be a director of a domestic mutual insurer by reason of his holding public office. Adjudication as a bankrupt or taking the benefit of any insolvency law or making a general assignment for the benefit of creditors disqualifies an individual from being or acting as a director.
(a) For any calendar year after its first two full calendar years of operation, no domestic mutual insurer on the cash premium plan, other than one issuing nonassessable policies, shall incur any costs or expense in the writing or administration of property, disability, and casualty insurance (other than boiler and machinery or elevator) transacted by […]
The officers and directors of an insurer violating section 411 of this title shall be jointly and severally liable to the insurer for any excess of expenses incurred. If the insurer fails to exercise reasonable diligence or refuses to enforce such liability, the Commissioner may prosecute action thereon for the benefit of the insurer. Such […]
No action to recover, or on account of, any salary or other compensation due or claimed to be due any officer or director of a domestic mutual insurer, or on any note or agreement relative thereto, shall be brought against such insurer after 12 months after the date on which such salary or compensation, or […]
(a) Each member of a domestic mutual insurer, except as otherwise provided in this chapter, shall have a contingent liability, pro rata and not one for another, for the discharge of its obligations. The contingent liability shall be in such maximum amount as is stated in the insurer’s articles of incorporation, but shall be not […]
(a) If at anytime the assets of a domestic mutual insurer doing business on the cash premium plan are less than its liabilities and the minimum surplus, if any, required of it by this title as prerequisite for continuance of its certificate of authority, and the deficiency is not cured from other sources, its directors […]
The contingent liability of members of a domestic mutual insurer doing business on the assessment premium plan shall be called upon and enforced by its directors as provided in its bylaws.
Any contingent liability of members of a domestic mutual insurer to assessment does not constitute an asset of the insurer in any determination of its financial condition.
As to life insurance, any portion of an assessment of contingent liability upon a policyholder which remains unpaid following notice of such assessment, demand for payment, and lapse of a reasonable waiting period as specified in such notice, may, if approved by the Commissioner, be secured by placing a lien on the reserves held by […]
(a) A domestic mutual insurer on the cash premium plan, after it has established a surplus not less in amount than the minimum capital funds required of a domestic stock insurer to transact like kinds of insurance, and for so long as it maintains such surplus, may extinguish the contingent liability of its members to […]
The Commissioner shall not authorize a domestic mutual insurer so to extinguish the contingent liability of any of its members or in any of its policies to be issued, unless it qualifies to and does extinguish such liability of all its members and in all such policies for all kinds of insurance transacted by it. […]
