(a) Each insurer authorized to write and writing property insurance in this state shall be required to become and remain a member of the plan and the underwriting association and to comply with the requirements of the plan and the underwriting association as a condition of its authority to transact property insurance business.
(b) Each insurer shall participate in the writings, expenses, profits, and losses of the association in the following manner:
(1) For habitational risks, the same proportion as its habitational premiums written bear to the aggregate habitational premiums written by all insurers in the program; and
(2) For commercial risks, the same proportion as its commercial premiums written bear to the aggregate commercial premiums written by all insurers in the program.
Section: Previous 33-33-1 33-33-2 33-33-3 33-33-4 33-33-5 33-33-6 33-33-7 33-33-8 33-33-9 33-33-11 NextLast modified: October 14, 2016