83-45-3 - Requirement for licensing.
§ 83-45-3. Requirement for licensing.
Requirement for licensing shall be as follows:
(a) A deposit with any depository approved by the state for the benefit of policyholders/members in the amount of one dollar ($1.00) for each policyholder currently insured to guarantee perpetuation of the organization until all membership contracts are terminated.
(b) A deposit in a like amount to a catastrophe fund, but this deposit shall be made on the first renewal of each contract.
Sources: Codes, 1942, § 5633; Laws, 1972, ch. 432, § 1, eff from and after passage (approved May 1, 1972).