A domestic farm mutual insurer is authorized to transact insurance if it is otherwise in compliance with the applicable provisions of this chapter and if it maintains surplus funds as follows:

1. (1) if a state mutual insurer or a county mutual insurer that has changed its status to that of a state mutual insurer pursuant to the provisions of 33-4-204, surplus of not less than $200,000; or
2. (2) if a county mutual insurer, surplus of not less than $50,000.

History: En. Sec. 482, Ch. 286, L. 1959; R.C.M. 1947, 40-4815; amd. Sec. 3, Ch. 228, L. 2001.