§432:1-306  Authority to offer death,
sick, disability, or other benefits; deposit or bond.  (a)  After the
organization of the society is completed, and before a certificate of
compliance is granted by the commissioner, the society shall deposit with the
commissioner one-half the maximum amount required to be maintained in its death
benefit and disability, or sick, or other benefit fund, as provided in section
432:1-401, either in cash or in securities approved by the commissioner.



(b)  In lieu of such deposit, the society shall
file with the commissioner a good and sufficient bond in the amount prescribed
in subsection (a), signed by the society as principal with one or more sureties
to be approved by the commissioner and running to the commissioner and the
commissioner's successors in office.  The bond shall be conditioned that the
surety or sureties on the bond shall be answerable in the amount of the bond
for all judgments, decrees or orders given, made or rendered against the
principal on the bond by any court of the State for payment of money. [L 1987,
c 347, pt of §2]