§ 3884. Required renewals; continuation of agents’ contracts and brokers’ accounts
§ 3884. Required renewals; continuation of agents’ contracts and brokers’ accounts (a) In the event of an insurer’s cancellation of an agent’s contract or a broker’s account placement authority with such insurer, each policyholder of such an agent or broker shall be entitled to renew his or her policy, upon timely payment of premium, for […]
§ 3885. Penalties
§ 3885. Penalties A person who violates a provision of section 3879, 3880, 3881, 3882, 3883, or 3884 of this title may be subject to an administrative penalty of $2,000.00 for each violation. (Added 1995, No. 167 (Adj. Sess.), § 8a.)
§ 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, […]
§ 3862. Minimum capital stock
§ 3862. Minimum capital stock A domestic stock fire insurance company shall not be organized with a capital stock less than $200,000.00 paid in, in cash. (Amended 1965, No. 65, eff. May 19, 1965.)
§ 3864. Penalty for violation of sections 3463 and 3862
§ 3864. Penalty for violation of sections 3463 and 3862 Such an insurance company failing to comply with the requirements of sections 3463 and 3862 of this title, within 60 days after notice from the Commissioner, shall reinsure its outstanding risks and proceed to liquidate its affairs, or the Commissioner may apply to the Superior […]
§ 3865. Mill mutual; fees
§ 3865. Mill mutual; fees A mutual fire insurance company of another state which insures only factories or mills, or property connected with such factories or mills, may be admitted to transact business in this State upon complying with the conditions set forth in the statutory laws of this State, except that in lieu of […]
§ 3866. Returns, rate of tax, exemption
§ 3866. Returns, rate of tax, exemption Such companies shall also make annual returns to the Commissioner of Taxes in form satisfactory to him or her, and shall pay to the Commissioner of Taxes annually, in the month of February, a tax at the rate of two percent on gross premium deposits upon policies on […]
§ 3867. Proof of loss
§ 3867. Proof of loss A fire insurance policy shall not be void by reason of failure to make and deliver a proof of loss to the insurer, until the insurer notifies the insured in writing to make and deliver proof of loss in accordance with the terms of the policy and the insured fails […]
§ 3868. When loss due and payable
§ 3868. When loss due and payable The amount of the loss under a fire insurance policy shall be due and payable in 60 days after receipt by the insuring company of satisfactory proofs, and the insured may commence an action after the expiration of that time to recover the same.