§431:4-323 Revocation of authority. (a) The commissioner shall revoke the authority of a domestic mutual insurer to extinguish the contingent liability of its members if:
(1) At any time the insurer's assets are less than the sum of its liabilities and the surplus required for such authority, or
(2) The insurer, by resolution of its directors approved by its members, requests that the authority be revoked.
(b) Upon revocation of such authority for any cause, the insurer shall not thereafter issue any policies without contingent liability, nor renew any policies then in force without written endorsement thereon providing for contingent liability. [L 1987, c 347, pt of §2]
Section: Previous 431-4-316 431-4-317 431-4-318 431-4-319 431-4-320 431-4-321 431-4-322 431-4-323 431-4-324 431-4-325 431-4-326 431-4-401 431-4-402 431-4-403 431-4-404 NextLast modified: October 27, 2016