§ 3961. Valuation of property
§ 3961. Valuation of property Whenever a fire insurance company shall write a policy covering a building in this State and shall attach thereto the so-called co-insurance clause, or any similar clause requiring the insured to carry insurance in amount equal to any percentage of the value of such building, the insured may ask for […]
§ 3962. Application to Commissioner
§ 3962. Application to Commissioner In case the insuring company and the insured do not agree on the valuation, as provided in section 3961 of this title, the insured may file with the Commissioner a request for a valuation, which shall contain a complete description of the building showing location, the name of the company, […]
§ 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 […]
§ 3926. Policy provisions
§ 3926. Policy provisions The policies issued by a cooperative insurance corporation shall conform to the regulations prescribed therefor by the Commissioner. Each such policy shall indicate clearly, in words prominently displayed at the top of the first page or across the page thereof, that such policy is issued on the cooperative plan; and if […]
§ 3927. Assessment cooperative insurance corporations
§ 3927. Assessment cooperative insurance corporations The following provisions shall affect such corporations doing business on the assessment plan: (1) Such corporation may issue policies of insurance as enumerated in section 3916 of this title. (2) Such corporation may classify risks covered under these types of insurance at the time of the issuance of the […]
§ 3929. Loss payment
§ 3929. Loss payment A nonassessment cooperative insurance corporation may borrow on the credit of the corporation sufficient funds to pay any loss. (Amended 1981, No. 6, § 10.)
§ 3930. Nonassessment cooperative insurance corporations to commence business
§ 3930. Nonassessment cooperative insurance corporations to commence business (a) When a cooperative insurance corporation reaches and thereafter maintains an unimpaired free surplus position of no less than $1,000,000, it may apply to the Commissioner for relief from the provisions of subdivisions 3925(3)-(5) and sections 3926 and 3927 of this title and may request approval […]
§ 3882. Renewal policies
§ 3882. Renewal policies (a) If the insurer has the necessary information to issue the renewal policy, the insurer shall confirm in writing at least 45 days prior to expiration its intention to renew the policy and the premium at which the policy is to be renewed. The insured shall have the right to renew […]
§ 3883. Notice requirements
§ 3883. Notice requirements When notice required under section 3880 or 3881 of this title is provided by mail, such notice shall be by certified mail, except that in the case of cancellation for nonpayment of premium, notice shall be by certified mail or certificate of mailing. (Added 1989, No. 171 (Adj. Sess.), § 5, […]