§33-5-15. Mutual nonassessable policies.
While a domestic mutual insurer maintains the deposits and
surplus funds necessary for the kinds of insurance it is
transacting, and is otherwise in compliance with this chapter and
in a sound condition, it may extinguish the contingent liability
of its members as to all its policies in force and may omit
provisions imposing contingent liability in all its policies
currently issued upon receiving written approval by the
commissioner. The commissioner shall revoke the authority of a
domestic mutual insurer to issue policies without contingent
liability at any time the insurer's assets are less than the sum
of its liabilities and the surplus required for such authority,
or if the insurer, by resolution of its board of directors
approved by a majority of its members, requests that such
authority be revoked.