§431:4-118  Insurance application.  Allapplications for insurance obtained in forming a mutual or reciprocal insurershall provide that:

(1)  Issuance of the policy is contingent uponcompletion of organization of the insurer and issuance of a certificate ofauthority to it;

(2)  The prepaid premium or deposit will be refundedin full to the applicant if the organization is not completed and thecertificate of authority issued prior to the solicitation permit's date ofexpiration; and

(3)  The agreement for insurance is not effectiveuntil a policy has been issued under it. [L 1987, c 347, pt of §2]