A “stock” insurer is an incorporated insurer with its capital divided into shares
and owned by its shareholders. Any company chartered by special act of the legislature of its state of domicile
prior to June 18, 1970, as a company without capital stock but doing business exclusively
on the stock plan, and so stated on its policies, and maintaining at all times surpluses
as required by this code, shall in the administration of this code be considered as
a “stock” insurer.
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