§432:1-306 - Authority to offer death, sick, disability, or other benefits; deposit or bond.
§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]