§ 61-12-303 — Requirements For License

61-12-303 . Requirements for license. (1) The commissioner may not issue a license to a company until the company has filed the following:
(a) a formal application in the form and detail that the commissioner may require, executed under oath by its president or other principal officer;
(b) a copy of the form of its contract;
(c) a certified copy of its charter or articles of incorporation and its bylaws, if any;
(d) a financial statement in the form and detail that the commissioner may require, executed on oath by its president or other principal officer;
(e) a certificate from the commissioner that it has complied with 61-12-304 in all cases in which a deposit of cash or a bond is required by this part;
(f) if the company is a corporation, a certificate from the secretary of state that the company has complied with this state's corporate laws.
(2) The commissioner may not issue a license to a company until the company has paid to the commissioner $100 as an annual license fee or the pro rata portion of the $100 necessary to be paid to the end of the current calendar year from the date of the application for the license.
(3) The commissioner may not issue a license to a company until the company has satisfied by an examination and evidence that the commissioner may require that the company has complied with the laws of the state, that its management is trustworthy and competent, and that the company is financially responsible.

Legislative History

En. Sec. 3, Ch. 131, L. 1931; re-en. Sec. 4211.3, R.C.M. 1935; R.C.M. 1947, 66-1103; amd. Sec. 19, Ch. 798, L. 1991; amd. Sec. 63, Ch. 472, L. 1999.