§431:4-111  Expiration and contents. Every solicitation permit issued by the commissioner shall:

(1)  Expire two years from its date, unless earlierterminated by the commissioner, and shall so state.

(2)  State the securities for which subscriptions areto be solicited, the number, classes, par value, and selling price thereof, oridentify the insurance contract for which applications and advance premiums ordeposits are to be solicited.

(3)  Limit the portion of funds received on account ofstock subscriptions, if any are proposed to be taken, which may be used forpromotion and organization expenses to such amount as the commissioner deemsadequate, but in no event to exceed fifteen per cent of such funds as and whenactually received.

(4)  If to be for a mutual or reciprocal insurer,limit the portion of funds received on account of applications for insurancewhich may be used for promotion or organization expenses to a reasonablecommission upon such funds, giving consideration to the class or classes ofinsurance and policy or policies involved and to the costs incurred by insurersgenerally in the production of similar business, and provide that no suchcommission shall be deemed to be earned nor be paid until the insurer hasreceived its certificate of authority and the policies applied for, and uponwhich such commission is to be based, have been actually issued and delivered.

(5)  Contain such other information required by thispart or reasonable conditions relative to accounting and reports or otherwiseas the commissioner deems necessary. [L 1987, c 347, pt of §2]