(a) When applying for a certificate of authority a domestic mutual property insurer must:
(1) Have applications from at least one hundred persons for insurance covering at least two hundred and fifty nonadjacent properties, for insurance aggregating not less than $500,000; and
(2) Have collected from each applicant the proper premium at a rate not less than a rate adopted by a licensed rating organization for a term of at least one year; and
(3) Have a surplus over all liabilities, as at completion of issuance of the insurance contracts so applied for, amounting to not less than $750,000.
(b) The maximum of any single risk proposed to be assumed by the insurer shall not exceed ten per cent of its surplus. Any reinsurance taking effect simultaneously with the policy shall be deducted in determining the amount at risk for purposes of this provision.
(c) In lieu of the applications, premiums, and surplus, it is required to have a surplus amounting to not less than $1,250,000 over all liabilities.