§431:4-119 Refund upon failure to complete or qualify or upon revocation of solicitation permit. (a) The commissioner shall withdraw all funds held in escrow and refund to subscribers or applicants all sums paid in on stock subscriptions, less that part of such sums paid in on subscriptions as has been allowed and used for promotion and organization expenses, and all sums paid in on insurance applications, and shall dissolve the proposed insurer or corporation if:
(1) The proposed insurer or corporation fails to complete its organization and obtain full payment for subscriptions and applications; and
(2) It fails to secure its certificate of authority before expiration of the solicitation permit, if an insurer; or
(b) The commissioner revokes the solicitation permit. [L 1987, c 347, pt of §2]
Section: Previous 431-4-112 431-4-113 431-4-114 431-4-115 431-4-116 431-4-117 431-4-118 431-4-119 431-4-120 431-4-121 431-4-122 431-4-123 431-4-124 431-4-125 431-4-126 NextLast modified: October 27, 2016