(a) 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.
(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.