§431:4-305  Mutual vehicle insurer.  (a)  When applying for a certificate of authority, a domestic mutual insurer formed to transact vehicle insurance must:

     (1)  Have applications from at least two hundred persons for insurance covering at least five hundred separate vehicles, for a maximum of retained liability not in excess of $50,000 for any one accident or other liability; and

     (2)  Have collected from each applicant the proper premium for insurance for one year according to its schedule of premium rates approved by the commissioner; and

     (3)  Have a surplus over all liabilities, as at completion of issuance of the insurance contracts so applied for, amounting to not less than $1,000,000.

     (b)  In lieu of the applications, premiums, and surplus, it is required to have a surplus amounting to not less than $1,500,000 over all liabilities. [L 1987, c 347, pt of §2 as superseded by c 348, §7]