20-2213. Initial assessment; temporary contribution by members
A. An initial assessment of up to five hundred dollars may be imposed by the director on every participating insurer of the association to defray the initial operating expenses of the plan. The initial assessment may be refunded by the association.
B. If sufficient monies are not available for the sound financial operation of the association as provided for in this chapter, all members shall contribute to the financial requirements of the association in the manner provided for in this chapter. Any such contributions shall not exceed one per cent annually of each member's net direct premium attributable to the liability insurance the member writes as a requirement for membership in the association pursuant to section 20-2202, subsection A.
C. If the association determines that the applicant meets the underwriting standards of the association, as prescribed in the plan of operation, the association, on receipt of the premium or the portion of the premium as is prescribed in the plan of operation, shall cause a policy of liability insurance to be issued.
Section: Previous 20-2206 20-2207 20-2208 20-2209 20-2210 20-2211 20-2212 20-2213 20-2214 20-2215 20-2216 20-2217 20-2218 20-2219 20-2220 NextLast modified: October 13, 2016