Section 93. No policy shall be issued by a mutual company formed to transact business under any one or more of the subdivisions of the sixth clause of section forty-seven until it has secured applications for insurance on risks in the commonwealth, the premiums on which shall amount to not less than one hundred thousand dollars and it has satisfied the commissioner that such premiums have been actually paid to it in full in cash, nor, if it proposes to transact business under subdivision (b) of said sixth clause, until it has also established a fully paid-up guaranty capital of not less than the combined capital and surplus provisions required under section forty-eight and deposited not less than two hundred thousand dollars with the state treasurer, nor, if it proposes to transact business under subdivision (e) of said clause, until it has also made arrangements satisfactory to the commissioner, by reinsurance, as provided in section twenty, to protect it from extraordinary losses caused by any one disaster. Such deposit may be made in the securities and subject to the limitations specified in sections sixty-three and sixty-six, or in cash or in such other securities as the commissioner may approve. Such guaranty capital shall be subject to all the provisions of section seventy-nine relative to the guaranty capital of a domestic mutual fire company, except as hereinafter and in section ninety-three D provided, and except that the maximum limitation of amount set forth in section seventy-nine shall not apply. While a company is transacting business under said subdivision (b) of said clause sixth, the provisions of section seventy-nine relative to the retirement of the guaranty capital shall not apply, nor shall the provisions of said section relative to the reduction of such capital authorize the reduction of its guaranty capital below two hundred thousand dollars. The guaranty capital shall be maintained as long as the company transacts business under said subdivision (b) of said clause sixth.

The liability of any policyholder in such a company to pay his proportionate part of any assessments which may be laid by the company, in accordance with law and his contract, on account of losses and expenses incurred while he was a member, shall continue so long as there are outstanding any obligations incurred while he was such a member.