6626 – Qualification of Membership.
§ 6626. Qualification of membership. (a) In addition to the legal ability of any natural person to insure in any advance premium or assessment corporation property located in the territory in which such corporation is licensed to do business and in which property he has an insurable interest, it shall also be lawful for any […]
6624 – Voting by Members and Meetings of Boards of Directors; Co-Operative Property/casualty Insurance Companies.
§ 6624. Voting by members and meetings of boards of directors; co-operative property/casualty insurance companies. (a) A member of any co-operative property/casualty insurance company may vote at any regular or special meeting of the corporation in person or he may vote by proxy, if the by-laws of the corporation so provide. (b) (1) The board […]
6625 – Merger; Consolidation.
§ 6625. Merger; consolidation. (a) Two or more advance premium corporations may, in accordance with applicable provisions of article seventy-one of this chapter, merge or consolidate. (b) Two or more assessment corporations licensed to do business either wholly or substantially in a common territory may, in accordance with applicable provisions of article seventy-one of this […]
6614 – Contingent Liability of Members; Advance Premium Corporations.
§ 6614. Contingent liability of members; advance premium corporations. (a) Any advance premium corporation may limit the contingent liability of a member thereof to not less than once the amount of, and in addition to, the premium which would be charged for insurance for one year or the advance premium stated in the policy, whichever […]
6615 – Annual Assessments; Borrowed Money.
§ 6615. Annual assessments; borrowed money. (a) (1) Every assessment corporation may, if so directed by its board of directors levy an assessment upon all of its members. Such assessment shall be sufficient to provide for the payment of losses, expenses, and other obligations, incurred, or likely to be incurred during the fiscal year for […]
6616 – Extraordinary Assessments; Assessment Corporations.
§ 6616. Extraordinary assessments; assessment corporations. (a) The members of every assessment corporation shall be contingently liable for extraordinary assessments sufficient to remove any impairment in the reserves required by this article. (b) Any assessment corporation if issuing policies on but one class of property, may levy an extraordinary assessment upon all its members in […]
6617 – Notice of Assessment; Assessment Corporations.
§ 6617. Notice of assessment; assessment corporations. (a) It shall be the duty of the secretary of every assessment corporation, whenever an assessment shall have been made by it, to notify, not more than forty-five days thereafter, every person to which such assessment is applicable. (b) Such notice may be given personally, by an agent, […]
6618 – Suits to Recover Assessments.
§ 6618. Suits to recover assessments. (a) An assessment corporation may maintain a civil action against any member or former member of such corporation for the unpaid amount of any extraordinary or post assessment lawfully levied against him, or against any former member of such corporation for the earned portion of any advance assessment which […]
6619 – Special Reserve or Emergency Funds; Co-Operative Property/casualty Insurance Companies.
§ 6619. Special reserve or emergency funds; co-operative property/casualty insurance companies. (a) (1) Ten or more co-operative property/casualty insurance companies may enter into an agreement to make deposits in special reserve or emergency funds. (2) Any deposit with accretions thereon made pursuant to any such agreements shall be kept deposited with a solvent trust company […]
6620 – Non-Assessable Policies; Advance Premium Corporations.
§ 6620. Non-assessable policies; advance premium corporations. (a) Any advance premium corporation may issue insurance contracts which do not impose any liability upon members for any assessments in addition to the advance premium paid upon compliance with the following requirements: (1) If authorized to issue non-assessable policies prior to the first day of January, nineteen […]