58-34-48Impairment of surplus required for nonassessable policies--Revocation of extinguishment authority.

Upon impairment of the surplus required by § 58-34-46, the director shall forthwith revoke the certificate of authority to extinguish the contingent liability of subscribers. Such revocation shall not render subject to contingent liability any policy then in force and for the remainder of the period for which the premium has theretofore been paid; but after such revocation no policy shall be issued or renewed without providing for contingent assessment liability of the subscriber.

Source: SL 1966, ch 111, ch 19, § 26 (2).