GUARANTY FUND OF MUTUAL INSURANCE COMPANIES
403:3 Retirement of Guaranty Funds.
Any mutual insurance company which shall create a guaranty fund under either of the 2 preceding sections may, with the approval of the insurance commissioner, reduce or retire such fund in whole or in part, but it may not be otherwise distributed except to pay the obligations of the company.
Source. 1947, 149:1 par. 13, eff. May 15, 1947.