No such certificate shall be issued by the commissioner of insurance until two hundred fifty individual applications or ten or more applications from a hospital group, have been received, and until the commissioner of insurance is satisfied that such mutual insurance corporation has bona fide applications representing the number of applicants required, and that there is in the possession of such mutual insurance corporation cash assets amounting to not less than ten times the maximum single retained risk.
[C24, 27, 31, 35, 39, § 9074; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 519.5]
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