§ 83-31-27. Premiums
The maximum premium payable by any member shall be expressed in the policy or in the application for the insurance. Such maximum premium may be a cash premium and an additional contingent premium not less than the cash premium, or may be solely a cash premium. No policy shall be issued for a cash premium […]
§ 83-31-29. Investment of assets
No such company shall invest any of its assets except in accordance with the laws of this state relating to the investment of the assets of domestic stock companies transacting the same kind of insurance.
§ 83-31-31. Reserves and unearned premiums
Such company shall maintain unearned premium and other reserves separately for each kind of insurance, upon the same basis as that required of domestic stock insurance companies transacting the same kind of insurance; provided, that any reserve for losses or claims based upon the premium income shall be computed upon the net premium after deducting […]
§ 83-31-5. Name must contain the word “mutual.”
No name shall be adopted by such company which does not contain the word “mutual,” or which is so similar to any name already in use by any such existing corporation, company, or association, organized or doing business in the United States, as to be confusing or misleading.
§ 83-31-7. Commissioner of Insurance to approve articles
Such articles of association shall be submitted to the commissioner of insurance, herein designated “commissioner,” and if prepared in accordance with this chapter, he shall approve and file the same in his office.
§ 83-31-9. Corporate powers
The company shall have legal existence from the approval and filing of such articles in the office of the commissioner. The board of directors named in such articles may thereupon adopt bylaws and proceed to transact the business of such company, provided that no insurance shall be put into force until the company has been […]
§ 83-31-10. Existence in perpetuity; extension of time of life to perpetuity
Whenever the period of existence of a mutual insurance company created with a life of fifty (50) years expires before March 4, 1993, then every such mutual company that continues to do business for ninety (90) days after March 4, 1993, by the doing of such business shall be deemed to have accepted an extension […]
§ 83-31-11. Kind of insurance authorized
Any company organized under the provisions of this chapter is empowered and authorized to make contracts of insurance or to reinsure or accept reinsurance, or any portion thereof, to the extent specified in its articles of association for the kinds of insurance following: Fire insurance. – Against loss or damage to property and loss of […]
§ 83-31-13. May reinsure certain risks
A mutual company transacting fire, casualty, or multiple line insurance business under the laws of this state, with the approval of the commissioner of insurance, may reinsure all risks undertaken by it in any company authorized to transact a similar class of insurance business in this state, and may transfer to the company assuming such […]
§ 83-31-15. Fraternal societies may be converted
Any fraternal benefit society organized under the laws of this state may be converted into a mutual life or mutual life and disability insurance company, so as to come within the provisions of all laws governing mutual companies and operate under this chapter upon the terms and conditions as follows: Whenever the supreme governing legislative […]