US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 31
                            COUNTY MUTUAL INSURERS
    41-3102A.  CONVERSION INTO DOMESTIC MUTUAL. (1) A county mutual insurer
upon affirmative vote of not less than two-thirds (2/3) of its members who
vote on such conversion, pursuant to due notice, and the approval of the
director of the terms therefor, may be converted to a domestic mutual insurer.
    (2)  A domestic mutual insurer which has converted from a county mutual
insurer shall be subject to the same requirements and shall have the same
rights as a like domestic insurer transacting like kinds of insurance, except
that prior to June 30, 2004, surplus as regards policyholders may be
maintained at a level equal to fifty percent (50%) net written premium in the
calendar year preceding, with a minimum set at one million dollars
($1,000,000).
    (3)  The director shall not approve any plan for such conversion which is
inequitable to members.