Section 58-34-46 - Nonassessable policies--Authorization for issuance--Extinguishment of contingent liability

58-34-46. Nonassessable policies--Authorization for issuance--Extinguishment of contingent liability.If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock required of a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney and as approved by the subscribers' advisory committee, the director shall issue his certificate authorizing the insurer to extinguish the contingent liability of subscribers under its policies then in force in this state, and to omit provisions imposing contingent liability in all policies delivered or issued for delivery in this state for so long as all such surplus remains unimpaired. Source: SL 1966, ch 111, ch 19, §26 (1).