A. The director shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if at any time the insurer’s assets are less than the sum of its liabilities and the surplus required for such authority, or if the insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked.

B. Upon revocation of such authority for any cause the insurer shall not thereafter issue new policies without contingent liability, nor renew or accept further premiums on old policies without endorsing them to provide for such liability.