ARTICLE 6. Assessment of Insurers [1390. - 1402.]
Heading of Article 6 amended by Stats. 1955, Ch. 935.
§§ 1390–1402 · 14 sections
- § 1390 The provisions of this article shall apply only to exchanges writing liability, common carrier liability, or workers’ compensation insurance, except that any…
- § 1391 Whenever an exchange subject to this article, is not possessed of admitted assets sufficient to discharge all liabilities and to maintain the required surplus,…
- § 1392 Except as provided by Sections 1397, 1398, 1400 and 1401, every subscriber of an exchange subject to this article shall be liable to pay, and shall pay, his…
- § 1393 Each such subscriber’s share of the deficiency for which an assessment is made pursuant to this article, shall be determined by applying to the premium earned…
- § 1394 Subscribers liable to assessment under this article shall pay the same without offsetting any claim for unearned premiums or losses payable to or for the…
- § 1395 Assessments under this article shall be made upon the members liable to assessment therefor, in proportion to their several liabilities.
- § 1396 Notice of all such proposed assessments shall be filed with the commissioner and the assessments shall not take effect until approved by him after such…
- § 1397 Assessments under this article, whether levied by the attorney, or the commissioner in the liquidation of such an exchange or otherwise, shall be of no greater…
- § 1398 The power of attorney of an exchange subject to this article may limit the contingent liability of the subscriber for assessment, but such contingent liability…
- § 1399 Each subscriber to an exchange subject to this article may maintain with the exchange, in addition to the premium deposit provided in the policy, a further…
- § 1400 Each such subscriber maintaining a surplus deposit equal to, and in addition to, the amount of the total current annual premium deposit provided in his policy,…
- § 1401 If an exchange has a surplus of admitted assets over all liabilities in a sum equal to 11/2 times the minimum paid-in capital required of incorporated insurers…
- § 1401.5 (a) When the commissioner finds after a public hearing that a reciprocal or interinsurance exchange has at all times during any consecutive five-year period…
- § 1402 All funds of such exchange and the proceeds of the contingent liability of its subscribers shall be available for the payment of any liability of the exchange.