Every domestic insurance company incorporated upon the mutual or assessment plan shall state clearly in its policies or certificates that the accumulations of profits of such corporations over and above all proper liabilities are the sole property of the members or policyholders in good standing and that the same shall be distributed in a just and equitable manner in case such company is reinsured or ceases to do business.
Source: L. 13: p. 364, § 66. C.L. § 2539. CSA: C. 87, § 83. CRS 53: § 72-5-7. C.R.S. 1963: § 72-5-7.