§431:4-326  Members' share of assets. 
(a)  Upon the liquidation of a domestic mutual insurer, its assets remaining
after discharge of its indebtedness and policy obligations shall be distributed
to its members who were members within the thirty-six months prior to the last
termination of its certificate of authority.



(b)  The distributive share of each member
shall be in the proportion that the aggregate premiums earned by the insurer on
the policies of the member during the combined periods of the member's
membership, bear to the aggregate of all premiums so earned on the policies of
all members.  If a life insurer, the insurer shall make a reasonable
classification of its life insurance policies so held by the members and a
formula, based upon such classification, for determining the equitable
distributive share of each such member.  The classification and formula shall
be subject to the commissioner's approval. [L 1987, c 347, pt of §2]