1. Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable therefor under the terms of their policies by: (a) The attorney upon approval in advance by the subscribers’ advisory committee and the Commissioner; or (b) The Commissioner in liquidation of the insurer. 2. Each subscriber’s share of a […]
Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for, and shall pay his or her share of any assessment, as computed and limited in accordance with this chapter, if: 1. While the policy of the subscriber is in force or within 1 year after its termination, the subscriber is notified […]
No one policy or subscriber to such policy, shall be assessed or charged with an aggregate of contingent liability as to obligations incurred by a domestic reciprocal insurer in any 1 calendar year, in excess of the amount provided for in the power of attorney or in the subscribers’ agreement, computed solely upon the premium […]
1. If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock and surplus required to be maintained by a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney and as approved by the subscribers’ advisory committee the Commissioner shall […]
Upon the liquidation of a domestic reciprocal insurer, its assets remaining after the discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus, and the return of any unused premiums, savings or credits then standing on subscribers’ accounts shall be distributed to its subscribers […]
1. A domestic reciprocal insurer upon the affirmative vote of not less than two-thirds of its subscribers who vote on such merger pursuant to due notice and the approval of the Commissioner of the terms therefor may merge with another reciprocal insurer or be converted to a stock or mutual insurer. 2. Such a stock […]
1. Subject to the limitation set forth in the power of attorney or policy, if the assets of a domestic reciprocal insurer are at any time insufficient to discharge its liabilities, other than any liability on account of funds contributed by the attorney or others, and to maintain the required surplus, its attorney shall forthwith […]
