33-4-401. Surplus funds required. A domestic farm mutual insurer may hereafter be authorized to transact insurance if otherwise in compliance with the applicable provisions of this chapter, if it has and thereafter maintains surplus funds as follows:
     (1) if a state mutual insurer, surplus of not less than $100,000;
     (2) if a county mutual insurer, surplus of not less than $20,000; or
     (3) if to insure growing crops against hail or other hazards, surplus in the amount of 150% of the amount otherwise required under this section. This provision (3) shall not apply as to any domestic insurer first authorized as such prior to January 1, 1956, which transacts business on the pro rata, nonassessable plan, under which plan a pro rata portion only of insured losses is paid in event advance premiums collected are inadequate to pay all such losses in full.

     History: En. Sec. 482, Ch. 286, L. 1959; R.C.M. 1947, 40-4815.