§431:3-306.5  Residential hurricanecoverage.  (a)  Upon written request of the commissioner by certified mail,an insurer writing the peril of residential hurricane coverage in this Stateshall within thirty days after receipt of the request, make accessible to thecommissioner or commissioner's designee information verifying that the insurerhas the financial assets and ability to cover its hurricane insuranceexposure.  The information to be made accessible shall include:

(1)  The aggregate amount of hurricane coveragepremiums and aggregate limits of coverage by type of coverage, which shall becompiled on a quarterly basis;

(2)  The probable maximum loss associated with theabove aggregate limits, assuming the occurrence of a hurricane of a severity unlikelyto occur more frequently than once every one hundred years, as that loss isestimated in a report prepared by a recognized hurricane modeling company;

(3)  All financial information relating to theinsurer's capital base and reinsurance program for hurricane losses, such as:

(A)  Information describing the reinsuranceprogram in place as of the date notice was received;

(B)  The names and financial ratings of eachreinsurer;

(C)  Aggregate limits of reinsurance coverageavailable; and

(D)  Reinstatement provisions; and

(4)  Any other related information the commissionermay require to evaluate the adequacy of the program.

(b)  If the commissioner determines that theloss estimated pursuant to subsection (a) exceeds the sum of an insurer'scapitalization and available reinsurance, the commissioner may further examinethat insurer's financial position as allowed by article 2 and commencesupervisory and other appropriate proceedings under article 15.

(c)  The cost of an examination under thissection shall be assessed against the insurer being examined and remitted tothe commissioner for deposit into the compliance resolution fund.

(d)  Any final order or decision of thecommissioner under this section shall be made pursuant to chapter 91. [L 2001,c 120, §1; am L 2003, c 212, §24]