FORMATION OF MUTUALS — FAILURE TO QUALIFY.

  1. Law
  2. Idaho Code
  3. INSURANCE
  4. ORGANIZATION AND CORPORATE PROCEDURES OF STOCK AND MUTUAL INSURERS
  5. FORMATION OF MUTUALS — FAILURE TO QUALIFY.

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41-2824. FORMATION OF MUTUALS — FAILURE TO QUALIFY. If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within one (1) year from and after date of its certificate of incorporation, the corporation shall transact no further business, and the director shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under section 41-2823.

History:

[41-2824, added 1961, ch. 330, sec. 592, p. 645.]


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