(1) As used in §§ 23-69-101 — 23-69-103, 23-69-105 — 23-69-141, 23-69-143, and 23-69-149 — 23-69-156, unless the context otherwise requires:(1) A “stock” insurer is an incorporated insurer with capital divided into shares and owned by its stockholders; and(2) A “mutual” insurer is an incorporated insurer without permanent capital stock and the governing body of which is elected as provided in §§ 23-69-101 — 23-69-103, 23-69-105 — 23-69-141, 23-69-143, and 23-69-149 — 23-69-156.
(1) A “stock” insurer is an incorporated insurer with capital divided into shares and owned by its stockholders; and
(2) A “mutual” insurer is an incorporated insurer without permanent capital stock and the governing body of which is elected as provided in §§ 23-69-101 — 23-69-103, 23-69-105 — 23-69-141, 23-69-143, and 23-69-149 — 23-69-156.