58-35-15Qualifications of state mutual insurer for certificate of authority.

When applying for an original certificate of authority, a state mutual insurer must be otherwise qualified therefor under this title, and it must have received acceptable applications from one hundred persons, each for substantial insurance, aggregating at least five hundred thousand dollars; and such applicants must have given to the insurer the obligations referred to in § 58-35-41, or paid the premium required, subject to the insurer qualifying to transact insurance.

Source: SL 1966, ch 111, ch 17, § 11 (2).