§431:4-304  Mutual casualty insurer. 
(a)  When applying for a certificate of authority a domestic mutual insurer
proposing to transact casualty insurance, including vehicle insurance, must:



(1)  Have applications for the insurance in a
reasonable amount from at least two hundred and fifty persons covering not less
than five hundred separate risks; and



(2)  Have collected from each applicant the proper
premium for a term of not less than one year at a rate filed with and approved
by the commissioner; and



(3)  Have a surplus over all liabilities, as at
completion of issuance of the insurance contracts so applied for, amounting to
not less than $1,500,000.



(b)  In lieu of the applications, premiums, and
surplus, it is required to have a surplus amounting to not less than $2,250,000
over all liabilities. [L 1987, c 347, pt of §2 as superseded by c 348, §6]