33-4-408. Deficiency of surplus.
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/mt/title-33/chapter-4/part-4/33-4-408·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-4-408 . Deficiency of surplus.
(1)If the surplus funds of a farm mutual insurer at any time fall below the amount required to be maintained under this chapter, the insurer shall cure such deficiency within 6 months thereafter, notwithstanding that new losses or expenses may be incurred within such 6-month period.
(2)If the deficiency is not so cured, the commissioner may, upon the insurer's written application therefor, allow an additional reasonable period, not to exceed 6 months, for the curing of the deficiency.
(3)If the deficiency is not so cured within the first 6-month period, if additional time is not so applied for, or within such additional period as the commissioner may so allow, the commissioner shall forthwith suspend or revoke the insurer's certificate of authority.