§431:4-306  Mutual life insurer.  (a) When applying for a certificate of authority, a domestic mutual life insurermust:

(1)  Have at least five hundred applications for lifeinsurance, other than on the term plan for terms of ten years or less, coveringat least five hundred separate insurable lives on an individual basis for amaximum insurance of not less than $5,000,000; and

(2)  Have collected from each applicant the properannual premium for one year, and have so received from all applicants premiumsaggregating at least $125,000; and

(3)  Have surplus over all liabilities, as atcompletion of issuance of the insurance contracts so applied for, amounting tonot less than $600,000.

(b)  In lieu of the applications, premiums, andsurplus, it is required to have a surplus amounting to not less than $900,000over all liabilities. [L 1987, c 347, pt of §2 as superseded by c 348, §8]