§ 23-69-116 - Failure to complete organization -- Mutual insurers.
23-69-116. Failure to complete organization -- Mutual insurers.
If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within one (1) year from and after the date of its certificate of incorporation, the corporation shall be dissolved by the Insurance Commissioner. The commissioner shall then return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under 23-69-115.