Section 58-5-21 - Insurance applications and surplus required for original certificate of authority todomestic mutual insurer.
58-5-21. Insurance applications and surplus required for original certificate of authority to domestic mutual insurer. Upon application for an original certificate of authority, the insurer must be otherwise qualified therefor under this title, and must have received and accepted bona fide applications as to substantial insurable subjects for insurance coverage of the kind of insurance proposed to be transacted, must have collected in cash the full premium therefor at a rate not less than that usually charged by other insurers for comparable coverages, must have surplus funds deposited as of the date such insurance coverages are to become effective, or, in lieu of such applications, premiums and surplus, deposit and thereafter maintain surplus, all in accordance with that part of the following schedule which applies to the kind of insurance the insurer proposes to transact and subject to the provisions of §§ 58-6-19 to 58-6-22, inclusive:
SCHEDULE (a) (b) (c) (d) (e) (f) (g) (h)
Kind of Insurance Minimum No.
of applicants
accepted Minimum No.
of subjects
covered Minimum
premium
collected Minimum
amount of
insurance
each subject Maximum
amount of
insurance
each subject Minimum
surplus funds
deposited Deposit of
surplus in
lieu of (b)
through (g) Life 500 500 annual $1,000 $ 2,500 $150,000 $200,000 Health 500 500 quarterly 10 25 150,000 200,000 (weekly indem.) (weekly indem.) Life and
Health
750
750
same as individual lines above
300,000
400,000 Property 100 250 annual 1,000 3,000 150,000 200,000 Casualty 250 500 annual 1,000 10,000 150,000 200,000 Casualty with
Workmen's Compensation
250
1,500
quarterly
1,000
10,000
200,000
300,000 Marine and Transportation
100
250
annual
1,000
10,000
150,000
200,000 Surety 250 250 annual 1,000 10,000 150,000 200,000 Multiple Lines 250 500 same as individual lines above 300,000 400,000 Source: SL 1966, ch 111, ch 16, § 9.