§ 418. Liability as lien on policy reserves
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 […]
§ 419. Nonassessable policies
(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 […]
§ 420. Qualification on issuance of nonassessable policies
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. […]
§ 406. Rights of members
(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 […]
§ 407. Bylaws
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, […]
§ 408. Notice of annual meeting
(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 […]
§ 409. Voting, proxies
(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 […]
§ 410. Directors; disqualification
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.
§ 411. Limitation of expenses as to property and casualty insurance
(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 […]
§ 412. Procedure upon violation of limitation
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 […]