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, […]
6604 – Organization of Advance Premium Corporations.
§ 6604. Organization of advance premium corporations. (a) An advance premium corporation may be organized and licensed in the manner prescribed in section six thousand six hundred three of this article and may do, in addition to the kind of insurance specified in paragraph four of subsection (a) of section one thousand one hundred thirteen […]
6605 – Organization of Assessment Corporations.
§ 6605. Organization of assessment corporations. (a) An assessment corporation may be organized and licensed in the manner prescribed in section six thousand six hundred three of this article and may do, in addition to the kind of insurance specified in paragraph four of subsection (a) of section one thousand one hundred thirteen of this […]
6606 – Reinsurance.
§ 6606. Reinsurance. (a) (1) Subject to the provisions of section six thousand six hundred ten of this article, any co-operative property/casualty insurance company shall have the power, whether or not expressed in its charter, to accept reinsurance of the kind or kinds of insurance it is licensed to do directly, and to cede reinsurance […]
6607 – Duration of Charter.
§ 6607. Duration of charter. Subject to the provisions of article seventy-four of this chapter, the charter of every co-operative property/casualty insurance company shall be perpetual.
6608 – Extension of Territory.
§ 6608. Extension of territory. (a) The superintendent, upon application by any advance premium corporation may issue a license pursuant to section one thousand one hundred two of this chapter to such corporation to do the business in counties additional to those in which it is then authorized or in the entire state if such […]
6609 – Policy Forms.
§ 6609. Policy forms. (a) (1) Every form of policy issued by any co-operative property/casualty insurance company shall indicate in words prominently displayed at the top of the first page, and in type of which the face shall not be smaller than twelve point, that such policy is issued on the co-operative plan. (2) Each […]
6610 – Limitation of Risk.
§ 6610. Limitation of risk. (a) Subject to the other provisions of this section, the maximum amount of insurance less reinsurance in other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter which may be assumed by a co-operative property/casualty insurance company on a single […]