Section 10-12-410 - Insolvency or impairment of mutual insurance company

A mutual insurance company is deemed insolvent when its admitted assets are less than all of its liabilities, excluding from such liabilities the aggregate amount of its guaranty fund, and is deemed impaired when its admitted assets are less than its liabilities, including as a liability the aggregate amount of its guaranty fund, or when its surplus is less than the minimum requirements of section 10-3-201.L. 91: Entire part added, p. 1221, § 1, effective May 24.