§431:4-303 Mutual property insurer. (a) When applying for a certificate of authority a domestic mutual property insurer must:
(b) The maximum of any single risk proposed to be assumed by the insurer shall not exceed ten per cent of its surplus. Any reinsurance taking effect simultaneously with the policy shall be deducted in determining the amount at risk for purposes of this provision.
(c) In lieu of the applications, premiums, and surplus, it is required to have a surplus amounting to not less than $1,250,000 over all liabilities. [L 1987, c 347, pt of §2 as superseded by c 348, §5]