§ 56-19-116. Assets Not Equal to Unearned Premium Reserve and Other Liabilities — Assessment of Members — Increase
A mutual company not possessed of assets at least equal to the unearned premium reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for the deficiency, the assessment to be against each such member in proportion to the liability as expressed in the member’s policy; provided, that the […]
§ 56-19-117. Advancements
Any director, officer or member of any such company, or any other person, may advance to the company any sum or sums of money necessary for the purpose of its business or to enable it to comply with any of the requirements of the law, and the money and the interest thereon as may have […]
§ 56-19-118. Foreign Mutual Insurance Companies Admitted if Solvent — Requirements for Admission
Any mutual insurance company organized outside of this state and authorized to transact the business of insurance on the mutual plan in any state, district, or territory, shall be admitted and licensed, subject to the approval of the commissioner as provided for in this chapter, to transact the kinds of insurance authorized by its charter […]
§ 56-19-119. Annual Report — Examination — Information Required
Every mutual insurance company shall make its annual report in such form and submit to such examinations and furnish such information as may be required by the commissioner. As far as practicable, the examinations of foreign mutual insurance companies shall be made in cooperation with the insurance departments of other states and the forms of […]
§ 56-19-104. Articles of Incorporation — Execution in Duplicate — Submission to Commissioner — Filing
Articles executed in duplicate shall be submitted to the commissioner of commerce and insurance, who, upon finding them to comply with this chapter, shall endorse approval thereon and shall file one (1) in the commissioner’s office and shall cause the other to be filed and recorded as may be required in the case of other […]
§ 56-19-105. Certificate of Incorporation
Upon approval as provided in § 56-19-104, the commissioner or any other officer that may be charged with the duty in the case of other corporations shall issue to the company a certificate that shall be its authority to begin business.
§ 56-19-106. Amendment of Articles of Incorporation
The articles may be amended in the manner provided for other corporations or as may be provided in the articles, and any such amendment shall be filed and recorded as in the case of the original articles.
§ 56-19-107. Legal Existence — Bylaws and Transaction of Business
The company shall have legal existence from and after the date of the certificate of incorporation. The board of directors named in the articles may thereupon adopt bylaws, accept applications for insurance and proceed to transact the business of the company; provided, that no insurance shall be put into force until the company has been […]
§ 56-19-108. Powers of Company — Insurance Contracts — Kinds of Insurance — Reinsurance
Any company organized under this chapter is empowered to make contracts of insurance or to reinsure or accept reinsurance or any portion thereof, to the extent specified in its articles of incorporation, for insurance: Against loss or damage to property and loss of use and occupancy by fire, lightning, hail, tempest, flood, earthquake, frost or […]
§ 56-19-109. License — Conditions Precedent
No such company shall issue policies or transact any business of insurance, unless it holds a license from the commissioner authorizing the transaction of the business, which license shall not be issued until and unless the company complies with the following conditions: It shall hold bona fide applications for insurance upon which it shall issue […]