403:1 Guaranty Fund Established Out of Surplus. – Any mutual insurance company organized under the laws of this state may establish a guaranty fund in any amount not exceeding $500,000 or not to exceed 1/2 its net policyholders’ surplus, whichever is smaller, by appropriation from its net assets. Such guaranty fund shall be considered […]
403:2 Guaranty Fund Established by Subscription. – Any mutual insurance company organized under the laws of this state may create not more than one guaranty fund by borrowing a sum of money not exceeding $500,000, by the issue of certificates of indebtedness upon such terms as the policyholders shall determine provided that such certificates […]
403:3 Retirement of Guaranty Funds. – Any mutual insurance company which shall create a guaranty fund under either of the 2 preceding sections may, with the approval of the insurance commissioner, reduce or retire such fund in whole or in part, but it may not be otherwise distributed except to pay the obligations of […]
403:4 Loans to Companies. – Any director, officer, or member of any mutual insurance company, other than a mutual life company, or any other person, may advance to such 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 […]
403:5 Rules. – The insurance commissioner is hereby granted authority to issue such rules, regulations and orders as may be necessary to properly administer this chapter. Source. 1969, 293:3, eff. June 30, 1969.
