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

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

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

(3)  Have a surplus over all liabilities, as atcompletion of issuance of the insurance contracts so applied for, amounting tonot less than $1,500,000.

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 [L 1987, c 347, pt of §2 as superseded by c 348, §6]