Qualifications of county mutual insurer for certificate of authority

When applying for an original certificate of authority, a county mutual insurer must be otherwise qualified therefor under this title, and it must have received acceptable applications from twenty - five persons for substantial insurance, aggregating at least one hundred thousand dollars; and such applicants must have given to the insurer the obligations referred to in § 58-35-41 , or paid the premium required, subject to the insurer qualifying to transact insurance. Source: SL 1966, ch 111 , ch 17, § 11 (1).