2152 ARTICLE 48A

and such license shall not issue until the corporation shall have complied
with the following conditions:

(a) It shall hold bona fide applications for insurance upon which it
shall issue simultaneously, or it shall have in force, at least twenty policies
to at least twenty members for the same kind of insurance, upon not less
than two hundred separate risks, each within the maximum single risk
described herein.

(b) For the purpose of transacting employer's liability and workmen's
compensation insurance, the application shall cover not less than two
thousand employees, each such employee being considered a separate risk
for determining the maximum single risk.

(c) The "maximum single risk" shall not exceed twenty per cent of the
admitted assets, or three times the average risk, or one per cent of the in-
surance in force, whichever is the greatest, any re-insurance taking effect
simultaneously with the policy being deducted in determining such maxi-
mum single risk.

(d) It shall have collected an annual cash premium upon each applica-
tion required for organization, the total of which premiums shall be held
in cash or in securities in which insurance companies are authorized to
invest, and the total assets shall (1) in case of companies writing fire,
marine, sprinkler leakage or other water damage, lightning, hail, wind-
storm, smoke or smudge damage, automobile fire, theft or property dam-
age, burglary, theft or inland marine insurance, either singly or any or all
of said classes of insurance combined, be equal to not less than twice the
maximum single risk assumed subject to one fire or to one loss, nor less
than ten thousand dollars ($10,000) ; and (2) in case of companies writ-
ing fidelity or surety bonds, or workmen's compensation, or automobile or
public liability insurance, be equal to not less than five times the maxi-
mum single risk assumed, nor less than one hundred and fifty thousand
dollars ($150,000), and exceed the amount required for legal reserves and
all other liabilities by not less than fifty thousand dollars ($50,000) ; and
(3) in case of companies writing all other classes of insurance, be equal
to not less than twice the maximum single risk assumed, not less than ten
thousand dollars ($10,000) ; or, in lieu of complying with this sub-section
and with sub-section (a) of this section, it shall hold a surplus equal to
the capital stock and surplus required of a stock insurance company affect-
ing the same kinds of insurance.

An. Code, 1924, sec. 115. 1922, ch. 492, sec. 112.

149. (Public or Private Corporations as Members.) Any political sub-
division of this state, or other public or private corporation, board, associa-
tion, estate or person, in this state or elsewhere, may make applications,
enter into agreements for and hold policies in any such mutual insurance
company. Any officer, stockholder, trustee or legal representative of any
such political sub-division, corporation, board, association, estate or person,
may be recognized as acting for or in its behalf for the purpose of such
membership, but shall not be personally liable upon such contract of insur-
ance by reason of acting in such representative capacity. The right of any
such political sub-division, or other corporation organized under the laws
of this state, to participate as a member of any such mutual insurance
company is hereby declared to be incidental to the purpose for which such
political sub-division or other corporation is organized, and as much granted
as the rights and powers expressly conferred.