Types of insurance in which newly organized insurers authorized to transact business; requirements as to transaction of particular kinds of insurance generally. Authorization of transaction of additional kinds of insurance. Filing of surety bond or deposit by incorporators of proposed insurer; conditions of bond or deposit; release and discharge. Solicitation of applications for policies upon approval of bond or deposit; provisions and execution of applications; requirement of cash premiums. Deposit of premiums and fees collected; issuance and delivery of policies by insurers; effective date of insurance. Return of deposits or premiums upon failure of proposed insurer to complete organization and secure original certificate of authority. 33-14-72. 33-14-73. 33-14-74. 33-14-75. 33-14-76. 33-14-77. T.33, C.14 Policyholders deemed members of insurers; persons entitled to become members; liability upon insurance contracts of representatives of members; rights of members generally. Contingent liability of members. Levy of assessment by directors; computation of assessment; allowance of offsets against assessments. Notice of assessment; presumption as to correctness of assessment; proceedings upon failure of member to pay assessment. Extinguishment of contingent liability; revocation of authority to issue policies without contingent liability; issuance of nonassessable policies by foreign or alien insurers. Reinsurance of risks. Dividends payable only out of net realized savings and earnings. Liability of directors for declaration or payment of illegal dividend. Procedure for merger or consolidation. Authorization and procedure for conversion of mutual insurer to stock insurer. Distribution of assets to members upon liquidation of insurers generally; calculation of distributive shares of members. Article 4 Insider Trading of Domestic Stock Insurer Equity Securities 33-14-90. 33-14-91. 33-14-92. 637 ‘‘Equity security’’ defined. Filing of statements of equity securities ownership. Authorization of actions to recover for insurer profits from purchases and sales, or sale and purchase, within period of less than six months. T.33, C.14 Sec. 33-14-93. 33-14-94. 33-14-95. 33-14-96. 33-14-97. T.33, C.14 INSURANCE Unlawful sales of securities. Sales by dealers in ordinary course of business and incident to establishment or maintenance of primary or secondary market exempted from article. Foreign or domestic arbitrage transactions exempted from article. Transactions in securities registered under Section 12 of Securities Exchange Act of 1934 exempted from article. Promulgation of rules and regulations by Commissioner; effect of rules and regulations upon liability under Code Sections 33-14-91 through 33-14-93. Article 5 Limited Purpose Subsidiary Insurance Companies 33-14-100. Definitions.