20-701
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20-701. Scope of article A. This article shall apply to domestic stock insurers and domestic mutual insurers only, except that subsection B of section 20-715 and subsection C of section 20-719 shall apply also to foreign and alien mutual insurers. B. Any domestic stock or mutual insurer which as of September 1, 1954, had duly filed its articles of incorporation and was lawfully in process of completing its organization, shall complete its organization according to such procedures as were provided by laws in force immediately prior to January 1, 1955. Any other domestic stock or mutual insurer in process of organization on January 1, 1955 shall be governed by such provisions of this article as the director deems to be practicably applicable, and otherwise according to laws in force immediately prior to January 1, 1955. C. Existing domestic stock and mutual insurers are governed by the applicable provisions of this article. |