All such applications shall provide that:

(1) Issuance of the policy is contingent upon the insurer qualifying for and receiving a certificate of authority;

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(2) No insurance is in effect until the certificate of authority has been issued; and

(3) The prepaid premium and any deposit, membership or policy fee shall be refunded in full to the applicant if the certificate of authority is not issued within one year from the date of the certificate of incorporation.

Source: SL 1966, ch 111, ch 16, § 11 (3).