26-24-139. Revocation of authority to issue policies without contingent liability.
(a) The commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if:
(i) At any time the insurer's assets are less than the sum of its liabilities and the surplus required for authority; or
(ii) The insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked.
(b) Without authority the insurer shall not:
(i) Issue any policy without providing therein for the policyholder's contingent liability; or
(ii) Renew any policy which is then in force without endorsing that policy to provide for contingent liability.
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