Brokers were allowed to do applications if the applicant met the criteria. However, brokers felt that the mutual policies were very hard to sell for a number of reasons, primarily that mutual policyholders had to sign a legal promissory note called a “premium note.” That was a valid legal demand note that the board of directors could call on for an additional three times their annual premium in the event that the company needed cash to pay off claims.
On May 1st, 2012. See this statement in context.