289, must amend its charter in order to issue participating policies if no reference is made to such policies in the charter. 1965-66 Op. Att’y Gen. No. 66-51.
As used in this chapter, the term:
(1) “Mutual insurer” means an incorporated insurer without capital stock or shares which is owned and governed by its policyholders.
(2) “Stock insurer” means an incorporated insurer with capital
divided into shares and owned by its shareholders.