The commissioner shall revoke the certificate of a domestic mutual insurer to issue policies without contingent liability if
(a) At any time the insurer’s assets are less than the sum of its liabilities and the surplus required for such certificate, or
(b) The insurer, by resolution of its board of directors approved by a majority of its members, requests that the certificate be revoked.
(Added by Stats. 1963, Ch. 1772.)
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