§ 48.09.010. Initial qualifications
(1) The commissioner shall not issue a certificate of authority to a domestic mutual insurer unless it has fully qualified therefor under this code, and unless it has met the minimum requirements for the kind of insurance it proposes to transact as provided in this chapter.
(2) All applications for insurance submitted by such an insurer as fulfilling qualification requirements shall be bona fide applications from persons resident in this state covering lives, property, or risks resident or located in this state.
(3) All qualifying premiums collected and initial surplus funds of such an insurer shall be in cash. Any deposit made by such an insurer in lieu of applications, premiums, and initial surplus funds, shall be in cash or in securities eligible for the investment of the capital of a domestic stock insurer transacting the same kind of insurance.
[1947 c 79 § .09.01; Rem. Supp. 1947 § 45.09.01.]
Sections: 48.09.010 48.09.090 48.09.100 48.09.110 48.09.120 48.09.130 48.09.140 48.09.150 48.09.160 48.09.180 48.09.190 48.09.210 48.09.220 48.09.230 48.09.235 NextLast modified: April 7, 2009