§ 3966. Duration of valuation fixed
§ 3966. Duration of valuation fixed The value of any building fixed as provided in sections 3964 and 3965 of this title shall be considered the true value of the building during the term for which any fire insurance policy is issued to cover thereon, if issued within three years from the date of such […]
§ 3967. Effect on rate
§ 3967. Effect on rate The rate charged for a fire insurance policy covering a building valued in accordance with the provisions of section 3964 of this title shall not be increased above the rate fixed for the same form of policy, containing or having attached thereto a co-insurance clause, where no request has been […]
§ 3968. Penalty for violations
§ 3968. Penalty for violations If an insurance company violates a provision of sections 3961-3967 of this title or if the Commissioner is satisfied, after a hearing, that a company declines or refuses to write insurance on any building because of the requirement that the value of such building shall be agreed upon as provided […]
§ 4001. Assessments; accumulations; limitation
§ 4001. Assessments; accumulations; limitation Domestic mutual fire insurance companies, in any year in which the assessments required to pay losses and expenses would not equal five percent of the face of its premium notes, may lay assessments not to exceed five percent and carry the amount not necessary to pay losses and expenses of […]
§ 4002. Use of fund
§ 4002. Use of fund In a year in which the fire losses and expenses of a company accumulating a surplus under the provisions of section 4001 of this title shall exceed the amount of a three percent assessment on the face of the premium notes assessable for such losses and expenses, such excess, to […]
§ 3963. Time and place for making valuation
§ 3963. Time and place for making valuation Upon the receipt of such a request, the Commissioner shall appoint a time and place for making such valuation which shall be not later than 15 days thereafter, unless an earlier date is agreed upon by the parties interested, and he or she shall give proper notice […]
§ 3964. Appointment of appraisers to determine valuation
§ 3964. Appointment of appraisers to determine valuation The owner of a building and the insurance company or agent shall each file with the Commissioner a list of not less than three disinterested persons competent to act as appraisers of the building described in the notice. The Commissioner shall select one person from each of […]
§ 3965. Appraisers’ award and expenses
§ 3965. Appraisers’ award and expenses An award in writing of any two appraisers, when filed with the Commissioner, shall determine the sound value of the building. Each of the two appraisers first appointed shall be paid by the party nominating him or her and the third appraiser shall be paid by the parties equally.
§ 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation
§ 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation (a) An assessment cooperative corporation shall not be authorized or permitted to begin or do business until it has bona fide applications for insurance on property whose total aggregate dollar exposure value at risk amounts to not less than $2,500,000.00. (b) […]
§ 3925. Bylaws; compulsory provisions
§ 3925. Bylaws; compulsory provisions The bylaws of a cooperative insurance corporation to which a certificate of authority is issued shall include substantially the following provisions: (1) The corporate powers of such corporation shall be exercised by a board of directors, who shall be not less than five in number. Such directors shall be divided […]