§431:4-102  Types of insurers permitted. An insurer formed in this State shall be either:

(1)  An incorporated stock insurer,

(2)  An incorporated mutual insurer which charges forand collects in advance cash premiums in an amount adequate to maintain fulllegal reserves and to fully meet and discharge all of its obligations andliabilities under its policies without assessments or calls upon its membersfor additional premium, except as provided in this article relative to thecontingent liability of its members, or

(3)  A reciprocal insurer, with respective powers,duties and restrictions as provided in this article. [L 1987, c 347, pt of §2]