§431:4-305  Mutual vehicle insurer. (a)  When applying for a certificate of authority, a domestic mutual insurerformed to transact vehicle insurance must:

(1)  Have applications from at least two hundredpersons for insurance covering at least five hundred separate vehicles, for amaximum of retained liability not in excess of $50,000 for any one accident orother liability; and

(2)  Have collected from each applicant the properpremium for insurance for one year according to its schedule of premium ratesapproved by 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 $1,000,000.

(b)  In lieu of the applications, premiums, andsurplus, it is required to have a surplus amounting to not less than $1,500,000over all liabilities. [L 1987, c 347, pt of §2 as superseded by c 348, §7]