§ 83-19-57. Capital impairment.
97 words·~1 min read·
/ms/title-83-insurance/general-provisions/83-19-57·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When the net assets of a company do not amount to more than three-fourths (3/4) of its original paid-up capital, it may make good its capital to the original amount by assessment of its stock, and shall not write any new business until same is made good or reduced to minimum amount required by this chapter. If such company shall not, within three
(3)months after notice from the commissioner to that effect, make good its capital as aforesaid or reduce the same, its authority to transact new business of insurance will be revoked by said commissioner.