§ 413. Limitation of action on officer’s and director’s salary
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 […]
§ 414. Contingent liability of members
(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 […]
§ 415. Assessment of members
(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 […]
§ 402. Requirements; kinds of insurance
(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 […]
§ 403. Additional kinds of insurance
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 […]
§ 404. Minimum surplus
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 […]
§ 405. Membership
(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 […]
§ 401. Initial qualifications
(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 […]