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§7606
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§7606 . Determination of net value of funds; limits.
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§7606(a)
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(a) The superintendent shall annually, on or before March 1st, ascertain and determine the net value of each fund as of the next preceding December 31st by deducting from the value of the assets of each fund, ascertained pursuant to this article, the aggregate actual and estimated liabilities of each fund as determined by the superintendent. When the net value of a fund, as thus determined, reaches an amount equal to 15% of the outstanding claim reserves of all authorized insurers, incurred under policies or bonds providing benefits as specified in subsection §7603(a) or subsection §7604(a) of this article, as the case may be, no further contributions to such fund shall be required to be made.
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§7606(b)
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(b) Whenever, thereafter, the amount of a fund is reduced below such 15%, by reason of payments from, and known and estimated liabilities of, that fund, then contributions to such fund shall be resumed and continued until that fund, over and above its known and estimated liabilities, reaches such amount. Source Data downloaded: 2009-04-09 15: 56: 01; Processed: 2009-05-08 15: 36: 34
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