§432:1-306 Authority to offer death, sick, disability, or other benefits; deposit or bond. (a) The society shall deposit with the commissioner fifty per cent of the minimum net worth requirement provided in section 432:1-407(a)(2), either in cash or in securities approved by the commissioner; provided that the deposit shall be no less than $1,000,000 and shall not exceed $20,000,000.
(b) In lieu of such deposit, the society shall file with the commissioner a good and sufficient bond in the amount prescribed in subsection (a), signed by the society as principal with one or more sureties to be approved by the commissioner and running to the commissioner and the commissioner's successors in office. The bond shall be conditioned that the surety or sureties on the bond shall be answerable in the amount of the bond for all judgments, decrees or orders given, made or rendered against the principal on the bond by any court of the State for payment of money. [L 1987, c 347, pt of §2; am L 2011, c 81, §11]
Section: Previous 432-1-203 432-1-204 432-1-301 432-1-302 432-1-303 432-1-304 432-1-305 432-1-306 432-1-307 432-1-308 432-1-401 432-1-402 432-1-403 432-1-404 432-1-405 NextLast modified: October 27, 2016