US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 28
                    ORGANIZATION AND CORPORATE PROCEDURES
                         OF STOCK AND MUTUAL INSURERS
    41-2850.  NONASSESSABLE POLICIES -- REVOCATION OF AUTHORITY. (1) The
director shall revoke the authority of a domestic mutual insurer to issue
policies without contingent liability if
    (a)  At any time the insurer's assets are less than the sum of its
    liabilities and the surplus required for such authority, or
    (b)  The insurer, by resolution of its board of directors approved by a
    majority of its members, requests that the authority be revoked.
    (2)  During the absence of such authority the insurer shall not issue any
policy without providing therein for the contingent liability of the
policyholder, nor renew any policy which is then in force without endorsing
the same to provide for such contingent liability.