§431:4-302  Initial qualifications formutual insurers.  (a)  The commissioner shall not issue a certificate ofauthority to a domestic mutual insurer unless:

(1)  It has fully qualified under this code; and

(2)  It has met the minimum requirements for theclasses of insurance it proposes to transact as provided in this code.

(b)  All applications for insurance submittedby such an insurer as fulfilling qualification requirements shall be bona fideapplications from persons resident in this State covering life, property, orrisks resident or located in this State.

(c)  All qualifying premiums collected andinitial surplus funds of such an insurer shall be in cash. [L 1987, c 347, ptof §2]