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



(1)  Have applications from at least two hundred
persons for insurance covering at least five hundred separate vehicles, for a
maximum of retained liability not in excess of $50,000 for any one accident or
other liability; and



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



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 [L 1987, c 347, pt of §2 as superseded by c 348, §7]