Section 58-5-25 - Issuance of certificate of authority to domestic mutual insurer--Funds in trust deposit become funds of insurer--Delivery of policies--Effective date of policies

58-5-25. Issuance of certificate of authority to domestic mutual insurer--Funds in trust deposit become funds of insurer--Delivery of policies--Effective date of policies.Upon issuance of a certificate of authority for the kind of insurance for which such applications were solicited, all funds held in trust under §58-5-19 shall become the funds of the insurer, and the insurer shall deliver its policies for which premiums had been paid. The insurance shall be effective as of the date of the certificate of authority or thereafter as provided by the respective policies. Source: SL 1966, ch 111, ch 16, §12 (2).