§431:4-303  Mutual property insurer. (a)  When applying for a certificate of authority a domestic mutual propertyinsurer must:

(1)  Have applications from at least one hundredpersons for insurance covering at least two hundred and fifty nonadjacent properties,for insurance aggregating not less than $500,000; and

(2)  Have collected from each applicant the properpremium at a rate not less than a rate adopted by a licensed ratingorganization for a term of at least one year; and

(3)  Have a surplus over all liabilities, as atcompletion of issuance of the insurance contracts so applied for, amounting tonot less than $750,000.

(b)  The maximum of any single risk proposed tobe assumed by the insurer shall not exceed ten per cent of its surplus.  Anyreinsurance taking effect simultaneously with the policy shall be deducted indetermining the amount at risk for purposes of this provision.

(c)  In lieu of the applications, premiums, andsurplus, it is required to have a surplus amounting to not less than $1,250,000over all liabilities. [L 1987, c 347, pt of §2 as superseded by c 348, §5]