§ 56-22-105 — Application for certificate of authority - Minimum requirements

(a) To apply for a certificate of authority, a person shall file with the commissioner an application on a form adopted by the commissioner, accompanied by a nonrefundable filing fee in the amount referenced in § 56-4-101(a)(1) . A person in this state applying for a certificate of authority to act as a county mutual insurance company shall, under penalty of refusal, suspension or revocation of the certificate of authority, declare that the statements made in the application are true, correct and complete to the best of the person's knowledge and belief. (b) An application for a certificate of authority shall include the following documentation, together with any other information or documentation the commissioner may require: (1) A certified copy of the articles of incorporation, charter or other such document; (2) A certified copy of the bylaws or other similar document; and (3) The names of the officers and directors of the county mutual insurance company. (c) No certificate of authority shall be granted or maintained, unless the applicant or county mutual insurance company can prove to the commissioner's satisfaction that it will be able to write at least one hundred (100) policies of insurance and possesses at least two hundred thousand dollars ($200,000) in surplus.

Legislative History

Acts 2006, ch. 689, §§ 3, 8.