(a) Except for Article11 of this Chapter and as otherwise specifically provided, all the provisionsof Articles 1 through 64 of this Chapter relating to insurers generally, andthose relating to insurers writing the same kinds of insurance that reciprocalsare permitted to write, are applicable to reciprocals.
(b) A reciprocal shallbe deemed to comply with G.S. 58‑3‑105 if:
(1) It issues policiescontaining a contingent assessment liability, provided for in G.S. 58‑15‑60;and
(2) It maintainsreinsurance in an amount that the Commissioner considers adequate to reasonablylimit the reciprocal's aggregate losses to the lesser of:
a. Ten percent (10%) ofthe surplus to policyholders of the reciprocal multiplied by the number of subscribers;
b. The surplus topolicyholders of the reciprocal multiplied by three; or
c. Five million dollars($5,000,000). (1989, c. 425, s. 1.)
(a) Except for Article11 of this Chapter and as otherwise specifically provided, all the provisionsof Articles 1 through 64 of this Chapter relating to insurers generally, andthose relating to insurers writing the same kinds of insurance that reciprocalsare permitted to write, are applicable to reciprocals.
(b) A reciprocal shallbe deemed to comply with G.S. 58‑3‑105 if:
(1) It issues policiescontaining a contingent assessment liability, provided for in G.S. 58‑15‑60;and
(2) It maintainsreinsurance in an amount that the Commissioner considers adequate to reasonablylimit the reciprocal's aggregate losses to the lesser of:
a. Ten percent (10%) ofthe surplus to policyholders of the reciprocal multiplied by the number of subscribers;
b. The surplus topolicyholders of the reciprocal multiplied by three; or
c. Five million dollars($5,000,000). (1989, c. 425, s. 1.)
(a) Except for Article11 of this Chapter and as otherwise specifically provided, all the provisionsof Articles 1 through 64 of this Chapter relating to insurers generally, andthose relating to insurers writing the same kinds of insurance that reciprocalsare permitted to write, are applicable to reciprocals.
(b) A reciprocal shallbe deemed to comply with G.S. 58‑3‑105 if:
(1) It issues policiescontaining a contingent assessment liability, provided for in G.S. 58‑15‑60;and
(2) It maintainsreinsurance in an amount that the Commissioner considers adequate to reasonablylimit the reciprocal's aggregate losses to the lesser of:
a. Ten percent (10%) ofthe surplus to policyholders of the reciprocal multiplied by the number of subscribers;
b. The surplus topolicyholders of the reciprocal multiplied by three; or
c. Five million dollars($5,000,000). (1989, c. 425, s. 1.)
