(a) Any group of persons may form a commercial self-insurance fund for the purpose of pooling and spreading liabilities of its group members in any commercial property or casualty risk or surety insurance. (b) As used in this chapter, “commercial self-insurance fund” or “fund” means a group of members, operating individually and collectively through an […]
(a) No person shall establish a commercial self-insurance fund unless such fund is issued a certificate of authority by the Commissioner. (b) (1) Any person failing to hold a certificate of authority from the Commissioner while operating or maintaining a commercial self-insurance fund shall be subject to a fine of not less than $5,000.00 or […]
All applications for a certificate of authority for a commercial self-insurance fund shall be on a form furnished by the Commissioner, and shall include or have attached the following: (1) The name of the fund and the location of the fund’s principal office, which shall be maintained within the territory. (2) The kinds of insurance […]
After issuance of its initial certificate of authority, a commercial self-insurance fund shall thereafter meet the following requirements as a condition of maintaining its certificate of authority: (1) Maintenance of competent and trustworthy persons to service the program. Written notice shall be provided to the Commissioner before changing the fund’s method of fulfilling its servicing […]
(a) Every commercial self-insurance fund shall, annually within 3 months of the end of the fiscal year, file a financial statement of the fund, including its balance sheet and a statement of operations for the preceding year, verified by the oath of a member of the board of trustees or by an administrative executive appointed […]
(a) The liability of each member for obligations of the commercial self-insurance fund shall be individual, several, and proportionate, but not joint, except as provided in this section and section 1487 of this chapter. (b) Each member shall have a contingent assessment liability for payment of actual losses and expenses incurred while his policy was […]
A commercial self-insurance fund shall obtain the approval of the Commissioner prior to paying any dividend or refund to its members. No such dividend or refund may be approved until twelve months after the last day of the fiscal year for which the dividend or refund is payable, or such later time as the Commissioner […]
(a) The trustees may assess from time to time members of a commercial self-insurance fund liable therefor under the terms of their policies and pursuant to this section, or the Commissioner may assess the members in the event of liquidation of the fund. (b) Each member’s share of a deficiency for which an assessment is […]
(a) If the assets of a commercial self-insurance fund are at any time insufficient to comply with the requirements of law or to discharge its liabilities, other than any liability on account of funds contributed by the trustees or others, and to meet the required conditions of financial soundness, or if a judgment against the […]
A commercial self-insurance fund shall use an agent or agents licensed under chapter 31 of this title. A commercial self-insurance fund may petition the Commissioner to have agents licensed in accordance with chapter 31 of this title, and the fund and its licensed agents shall be subject to the requirements of such provisions.
(a) No basic insurance policy or application form where written application is required and is to be a part of the policy or contract, or printed rider or endorsement form, shall be issued by a commercial self-insurance fund unless the form has been filed with and approved by the Commissioner. (b) Every such filing shall […]
(a) With respect to all classes of insurance which a commercial self-insurance fund shall underwrite, the rates shall not be excessive, inadequate, or unfairly discriminatory. (b) A rate shall be held to be excessive if the expense factors associated with the rate are not justified or are not reasonable for the benefits and services provided. […]
A commercial self-insurance fund shall register with and designate the Insurance Commissioner as its agent solely for the purpose of receiving service of legal documents or process.
Commercial self-insurance funds licensed under this chapter shall be subject to periodic examination by the Commissioner in the same manner and subject to the same terms and conditions applicable to insurers as set forth in chapter 5 of this title.
Commercial self-insurance funds are subject to the fees and taxes set forth in chapter 25 of this title, except that the premium tax rate shall be one percent (1%) of the gross premiums collected by such self-insurance funds.
