(a) A pro rata assessment insurer, by resolution of its board of directors approved by the Insurance Commissioner, may convert the whole or any part of its membership into a level or stipulated rate division. Thereafter, laws applicable to a level or stipulated rate insurer shall apply and govern the insurer or division so converted.
(b) The insurer shall segregate the funds and income of the two (2) classes and not intermingle funds when the insurer is operating on a pro rata assessment basis and with a division on a level or stipulated rate assessment basis.
Section: Previous 23-72-109 23-72-110 23-72-111 23-72-112 23-72-113 23-72-114 23-72-115 23-72-116 23-72-117 23-72-118 23-72-119 23-72-120 23-72-121 23-72-122 NextLast modified: November 15, 2016