Any number of persons, not less than twenty (20), a majority of whom are bona fide residents of this state, by complying with this chapter, may become, together with others who may thereafter be associated with them or their successors, a body corporate for the purpose of carrying on the business of mutual insurance as […]
No name shall be adopted by the company that does not contain the word “mutual,” or that is so similar to any name already in use by any such existing corporation, company or association, organized and doing business in the United States, as to be confusing or misleading.
Any persons proposing to form any such company shall subscribe and acknowledge articles of incorporation specifying: The name, the purpose for which formed, and the location of its principal or home office, which shall be within this state; The names and addresses of those composing the board of directors in which the management shall be […]
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 […]
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.
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.
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 […]
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 […]
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 […]
The mutual company may insert in any form of policy prescribed by the law of this state any provisions or conditions required by its plan of insurance that are not inconsistent or in conflict with any law of this state. The policy, in lieu of conforming to the language and form prescribed by the law, […]
Any public or private corporation, board or association in this state or elsewhere may make applications, enter into agreements for and hold policies in any such mutual insurance company. Any officer, stockholder, trustee or legal representative of any such corporation, board, association or estate may be recognized as acting for or on its behalf for […]
Every member of the company shall be entitled to one (1) vote, or to a number of votes based upon the insurance in force, the number of policies held or the amount of premiums paid, as may be provided in the bylaws.
The maximum premium payable by any member shall be expressed in the policy or in the application for the insurance. The maximum premium may be a cash premium and the contingent premium not less than the cash premium, or may be solely a cash premium. No policy shall be issued for a cash premium without […]
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 insurance companies transacting the same kind of insurance.
The mutual 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, and the funds earned by each kind of insurance shall be kept separate and shall not be available to pay losses […]
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 […]
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 […]
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 […]
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 […]
Any such company organized or admitted to transact insurance in this state may reinsure any part or all of any risk or risks, in any insurance company or insurer licensed in this state; provided, that no such reinsurance shall be effected with any company or insurer not licensed in this state that has been disapproved […]
