§ 4115 — Certain mutual companies existing prior to January first, nineteen hundred forty

§ 4115. Certain mutual companies existing prior to January first,\nnineteen hundred forty. (a) Notwithstanding the provisions of sections\nfour thousand one hundred eleven, four thousand one hundred thirteen and\nfour thousand one hundred fourteen of this article, any domestic mutual\nproperty/casualty insurance company heretofore organized as a domestic\nmutual marine and fire insurance company under special act of this state\nand reincorporated pursuant to former section fifty-two of the insurance\nlaw in effect immediately before January first, nineteen hundred forty\nand doing business immediately prior to such date, may continue to issue\nnon-assessable policies in accordance with its charter powers, without\nmaking any deposit, if and so long as it maintains a surplus of not less\nthan one million dollars.\n (b) Notwithstanding the provisions of sections one thousand two\nhundred nine and one thousand two hundred eleven of this chapter and\nsection four thousand one hundred fourteen of this article, any such\ndomestic mutual insurance company of the kind specified in subsection\n(a) hereof, may continue to issue both participating and\nnon-participating policies or contracts of insurance, in accordance with\nits charter, and may continue to exercise its existing charter powers as\nto the qualification of its members and trustees and as to the election\nand powers of its board of trustees.\n