§431:4-104  Articles of incorporation. (a)  This section applies to insurers incorporated in this State.

(b)  The incorporators shall be individuals whoare United States citizens, and a majority of them shall be residents of thisState.  The number of incorporators shall be:

(1)  Not less than five if a stock insurer, or

(2)  Not less than ten if a mutual insurer.

(c)  After the articles of incorporation havebeen approved by the department of commerce and consumer affairs and by thecommissioner, the original shall be filed with the department, one copy withthe commissioner, and one copy retained by the insurer.

(d)  The articles of incorporation shall statein addition to the requirements set forth in section 414-32:

(1)  The name of the insurer, which shall include theword "Insurance" and, as the last word thereof, one of the words"Corporation", "Incorporated", or "Limited", orone of the abbreviations "Corp.", "Inc.", or "Ltd.". In the case of the reciprocal insurer, the name shall include the word"Reciprocal", "Interinsurer", "Interinsurance","Exchange", "Underwriters", or "Underwriting";

(2)  (A)  Whether it is a stock or mutual insurer;and

(B)  The classes of insurance it will issue,according to the designations made in this article.

(3)  The place of its principal office, which shall beestablished and maintained in this State.

(4)  (A)  If a stock insurer, the amount of itscapital, the aggregate number of shares, and the par value of each share, whichpar value shall not be less than $2, and if the privilege of subsequentextension of the authorized capital stock is sought, then the limit of suchextension shall be stated;

(B)  If a mutual insurer, the maximumcontingent liability of its policyholders for the payment of its expenses and lossesoccurring under its policies.

(5)  The names and addresses, both business andresidence, of the officers of the insurer for the initial term.

(6)  Other provisions, not inconsistent with law, asmay be deemed proper by the incorporators. [L 1987, c 347, pt of §2; am L 2002,c 40, §68]