Trust deposit of premiums or fees collected by mutual insurer on qualifying applications

All sums collected by a proposed mutual insurer as premiums or fees on qualifying applications for insurance shall be deposited in trust in a bank or trust company in this state under a trust agreement consistent with § 58-5-25 and with subdivision 58-5-18(3). The corporation shall file an executed copy of such agreement with the director of insurance. Source: SL 1966, ch 111 , ch 16, § 12 (1).