(a) A domestic company that organized after March 7, 1935, may not operate:

1. (1) an insurance business on the assessment plan; or
2. (2) an insurance business as Lloyds.

(b) A domestic company may not operate an insurance business on the reciprocal plan as an interinsurer or individual underwriter unless it has a surplus over all policy liabilities of not less than two hundred fifty thousand dollars ($250,000).

Formerly: Acts 1935, c.162, s.272. As amended by Acts 1977, P.L.282, SEC.4.