§ 10-12-405 — Applicability of other code and corporation code provisions

Domestic mutual insurers, incorporating or qualifying to transact any or all of the
classes of insurance designated in section 10-3-102, shall be subject to all
provisions of this title generally applicable to other incorporated insurers,
specifically including the provisions of article 3 of this title, and in case of conflict
between this part 4 and other provisions of this title, the provisions of this part 4
shall control. Domestic mutual insurers shall be subject to additional articles of this
title as they are applicable to the class or classes of insurance made by such
domestic mutual insurer. Domestic mutual insurers shall not be required to have or
issue capital stock or shares nor shall they be required to distribute an annual
report to a member other than at the time of the initial policy issuance or once each
year on renewal. Except as otherwise provided in this part 4, incorporated mutual
insurers shall be deemed to be incorporated or organized under the general
corporation law of this state.

Legislative History

Source: L. 91: Entire part added, p. 1220, � 1, effective May 24.