|
§6610
|
§6610 . Limitation of risk.
|
|
§6610(a)
|
(a) Subject to the other provisions of (this §) ,the maximum amount of insurance less reinsurance in other authorized insurers or in accredited reinsurers as defined in subsection §107(a) of this chapter which may be assumed by a co-operative property/casualty insurance company on a single risk for every kind of insurance it is authorized to write shall not exceed, in accordance with §1115 of this chapter, 10% of its surplus to policyholders as shown in its last sworn statement filed with the superintendent.
|
|
§6610(b)
|
(b) The maximum amount of insurance less reinsurance in other authorized insurers or in accredited reinsurers as defined in subsection §107(a) of this chapter which may be assumed by an advance premium corporation on property not protected by automatic sprinklers, situated within the boundaries of 1 city block or on 1 group of buildings composed of attached or adjacent buildings which have less than 60 feet of clear space at all points between such buildings and other buildings, shall not exceed 10% of its surplus to policyholders as shown in its last sworn statement filed with the superintendent.
|
|
§6610(c)
|
(c) The maximum amount of insurance less reinsurance in other authorized insurers or in accredited reinsurers as defined in subsection §107(a) of this chapter which may be assumed by an assessment corporation on a single risk for the kinds of insurance listed below shall not exceed 3% of its surplus as shown in its last sworn statement filed with the superintendent or $14,000, whichever is greater. Kinds of insurance specified in the following numbered paragraphs of this chapter:
|
|
§6610(c)(4)
|
(4) fire insurance;
|
|
§6610(c)(5)
|
(5) miscellaneous property insurance (excluding insurance against windstorm, tornado, cyclone, flood, earthquake or volcanic eruption);
|
|
§6610(c)(6)
|
(6) water damage insurance;
|
|
§6610(c)(7)
|
(7) burglary and theft insurance;
|
|
§6610(c)(8)
|
(8) glass insurance;
|
|
§6610(c)(9)
|
(9) boiler and machinery insurance;
|
|
§6610(c)(12)
|
(12) collision insurance;
|
|
§6610(c)(20)
|
(20) marine and inland marine insurance (inland marine insurance only; except insurance within (¶ (20)) against windstorm, tornado, cyclone, flood, earthquake or volcanic eruption). The term "risk" means property which is situate less than 60 feet from other property except property consisting of or located in a building of fire resistive construction or fully protected by automatic sprinklers.
|
|
§6610(d)
|
(d) The maximum amount of insurance (including the obligation to pay outside loss adjustment expense) less reinsurance in other authorized insurers or accredited reinsurers as defined in subsection §107(a) of this chapter which may be assumed by an assessment corporation on a single risk for the kinds of insurance listed below shall not exceed 2% of its surplus as shown in its last sworn statement filed with the superintendent. Kinds of insurance specified in the following numbered paragraphs of this chapter:
|
|
§6610(d)(13)
|
(13) personal injury liability insurance;
|
|
§6610(d)(14)
|
(14) property damage liability insurance;
|
|
§6610(d)(15)
|
(15) workers' compensation and employers' liability insurance (excluding workers' compensation insurance, but not excluding workers' compensation insurance required by subsection §3420(j) of this chapter);
|
|
§6610(d)(19)
|
(19) motor vehicle and aircraft physical damage insurance (excluding aircraft physical damage insurance).
|
|
§6610(e)
|
(e) The maximum amount of insurance less reinsurance in other authorized insurers or in accredited reinsurers as defined in subsection §107(a) of this chapter which may be assumed by an assessment corporation on a single risk for insurance against windstorm, tornado, cyclone, flood, earthquake or volcanic eruption shall not exceed 2% of its surplus as shown in its last sworn statement filed with the superintendent, provided however, that the aggregate amount incurred, after deducting such reinsurance, with respect to losses due to a single occurrence of such insured peril which exceeds 10% of the company's surplus as shown in its last sworn statement filed with the superintendent shall be reinsured in other authorized insurers or in accredited reinsurers as defined in subsection §107(a) of this chapter. The term "single occurrence" means all losses occasioned by the perils of windstorm, tornado, cyclone, flood, earthquake or volcanic eruption arising from the same continuous atmospheric disturbance or other physical disturbance occurring within a 72 hour period. Source Data downloaded: 2009-04-09 15: 39: 49; Processed: 2009-05-08 15: 36: 27
|