58-5-21. Insurance applications and surplus required for original certificate of authority to domestic mutual insurer.
Upon application for an original certificate of authority, the insurer must be otherwise qualified therefor under this title, and must have received and accepted bona fide applications as to substantial insurable subjects for insurance coverage of the kind of insurance proposed to be transacted, must have collected in cash the full premium therefor at a rate not less than that usually charged by other insurers for comparable coverages, must have surplus funds deposited as of the date such insurance coverages are to become effective, or, in lieu of such applications, premiums and surplus, deposit and thereafter maintain surplus, all in accordance with that part of the following schedule which applies to the kind of insurance the insurer proposes to transact and subject to the provisions of §§58-6-19 to 58-6-22, inclusive:
SCHEDULE | |||||||
| (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) |
| Kind of Insurance | Minimum No. of applicants accepted | Minimum No. of subjects covered | Minimum premium collected | Minimum amount of insurance each subject | Maximum amount of insurance each subject | Minimum surplus funds deposited | Deposit of surplus in lieu of (b) through (g) |
| Life | 500 | 500 | annual | $1,000 | $ 2,500 | $150,000 | $200,000 |
| Health | 500 | 500 | quarterly | 10 | 25 | 150,000 | 200,000 |
| (weekly indem.) | (weekly indem.) | ||||||
| Life and Health | 750 | 750 | same as individual lines above | 300,000 | 400,000 | ||
| Property | 100 | 250 | annual | 1,000 | 3,000 | 150,000 | 200,000 |
| Casualty | 250 | 500 | annual | 1,000 | 10,000 | 150,000 | 200,000 |
| Casualty with Workmen's Compensation | 250 | 1,500 | quarterly | 1,000 | 10,000 | 200,000 | 300,000 |
| Marine and Transportation | 100 | 250 | annual | 1,000 | 10,000 | 150,000 | 200,000 |
| Surety | 250 | 250 | annual | 1,000 | 10,000 | 150,000 | 200,000 |
| Multiple Lines | 250 | 500 | same as individual lines above | 300,000 | 400,000 | ||
Source: SL 1966, ch 111, ch 16, §9