Section 58-5-21 - Insurance applications and surplus required for original certificate of authority to domestic 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 InsuranceMinimum No. of applicants acceptedMinimum No.of subjectscoveredMinimumpremiumcollectedMinimumamount ofinsuranceeach subjectMaximumamount ofinsuranceeach subjectMinimumsurplus fundsdepositedDeposit

nceMinimum No. of applicants acceptedMinimum No.of subjectscoveredMinimumpremiumcollectedMinimumamount ofinsuranceeach subjectMaximumamount ofinsuranceeach subjectMinimumsurplus fundsdepositedDeposit ofsurplus inlieu of (b)through (g)Life 500500annual$1,000$ 2,500$150,000$200,000Health 500500quarterly1025150,000200,000(weekly indem.)(weekly indem.)Life and‎ Health 750750same as individual lines above300,000400,000Property 100250annual1,0003,000150,000200,000Casualty 250500annual1,00010,000150,000200,000Casualty withWorkmen's Compensation ‎‎250‎‎1,500‎‎quarterly‎‎1,000‎‎10,000‎‎200,000‎‎300,000Marine and Transportation 100250annual1,00010,000150,000200,000Surety 250250annual1,00010,000150,000200,000Multiple Lines 250500same as individual lines above300,000400,000Source: SL 1966, ch 111, ch 16, §9