§431:4-302 Initial qualifications for mutual insurers. (a) The commissioner shall not issue a certificate of authority to a domestic mutual insurer unless:
(b) All applications for insurance submitted by such an insurer as fulfilling qualification requirements shall be bona fide applications from persons resident in this State covering life, property, or risks resident or located in this State.
(c) All qualifying premiums collected and initial surplus funds of such an insurer shall be in cash. [L 1987, c 347, pt of §2]