Section 21. No company other than a life company shall insure in a single risk an amount larger than ten percent of its surplus to policyholders, unless it has reinsured, as provided in section twenty, the excess over said limit to take effect simultaneously with the original contract. A company violating this section shall be punished by a fine of five thousand dollars for each day during which such violation continues.
Section: Previous 19T 19U 19V 19W 19X 20 20A 21 22 22A 22B 22C 22D 22E 22F 22G NextLast modified: September 11, 2015