Policies, period covered--form of policy to be approved--rates,how regulated--assessments, how made--excess funds, disposition of.
383.160. 1. All association policies of insurance shall bewritten so as to apply to injury which results from acts oromissions occurring during the policy period. No policy formshall be used by the association unless it has been filed withthe director and approved or thirty days have elapsed and he hasnot delivered to the board written disapproval of it asmisleading or not in the public interest. The director shallhave the power to disapprove any policy form previously approvedif found by him after hearing to be misleading or not in thepublic interest.
2. Cancellation of the association's policies shall begoverned by law.
3. The rates, rating plans, rating rules, ratingclassifications and territories applicable to the insurancewritten by the association and statistics relating thereto shallbe subject to the casualty rate regulation law giving dueconsideration to the past and prospective loss and expenseexperience in medical malpractice insurance of all of theinsurers, trends in the frequency and severity of losses, theinvestment income of the association, and such other informationas the director may require. All rates shall be actuariallysound and shall be calculated to be self-supporting.
4. In the event sufficient funds are not available for thesound financial operation of the association, additional fundsshall be raised by making an assessment on all member companies.Assessments shall be made against members in the proportion thatthe net direct premiums for the preceding calendar year of eachmember for each line of insurance requiring it to participate insaid plan bear to the net direct premiums for the precedingcalendar year of all members for such line of insurance; providedthat, assessments made pursuant to sections 383.150 to 383.195shall not exceed in any calendar year one percent of eachmember's net direct premiums attributable to the line or lines ofinsurance the writing of which requires it to be a member.
5. All members shall deduct the amount of any assessmentfrom past or future premium taxes due but not yet paid the state.
6. Any funds which result from policyholder premiums andother revenues received in excess of those funds required forreserves, loss payments and expenses incurred and accrued at theend of any calendar year shall be paid proportionately to thegeneral fund to the extent that credit against premium taxliability has been granted pursuant to subsection 5 and tomembers which have been assessed but have not received taxcredits as provided in subsection 5.
Policies, period covered--form of policy to be approved--rates,how regulated--assessments, how made--excess funds, disposition of.
383.160. 1. All association policies of insurance shall bewritten so as to apply to injury which results from acts oromissions occurring during the policy period. No policy formshall be used by the association unless it has been filed withthe director and approved or thirty days have elapsed and he hasnot delivered to the board written disapproval of it asmisleading or not in the public interest. The director shallhave the power to disapprove any policy form previously approvedif found by him after hearing to be misleading or not in thepublic interest.
2. Cancellation of the association's policies shall begoverned by law.
3. The rates, rating plans, rating rules, ratingclassifications and territories applicable to the insurancewritten by the association and statistics relating thereto shallbe subject to the casualty rate regulation law giving dueconsideration to the past and prospective loss and expenseexperience in medical malpractice insurance of all of theinsurers, trends in the frequency and severity of losses, theinvestment income of the association, and such other informationas the director may require. All rates shall be actuariallysound and shall be calculated to be self-supporting.
4. In the event sufficient funds are not available for thesound financial operation of the association, additional fundsshall be raised by making an assessment on all member companies.Assessments shall be made against members in the proportion thatthe net direct premiums for the preceding calendar year of eachmember for each line of insurance requiring it to participate insaid plan bear to the net direct premiums for the precedingcalendar year of all members for such line of insurance; providedthat, assessments made pursuant to sections 383.150 to 383.195shall not exceed in any calendar year one percent of eachmember's net direct premiums attributable to the line or lines ofinsurance the writing of which requires it to be a member.
5. All members shall deduct the amount of any assessmentfrom past or future premium taxes due but not yet paid the state.
6. Any funds which result from policyholder premiums andother revenues received in excess of those funds required forreserves, loss payments and expenses incurred and accrued at theend of any calendar year shall be paid proportionately to thegeneral fund to the extent that credit against premium taxliability has been granted pursuant to subsection 5 and tomembers which have been assessed but have not received taxcredits as provided in subsection 5.
Policies, period covered--form of policy to be approved--rates,how regulated--assessments, how made--excess funds, disposition of.
383.160. 1. All association policies of insurance shall bewritten so as to apply to injury which results from acts oromissions occurring during the policy period. No policy formshall be used by the association unless it has been filed withthe director and approved or thirty days have elapsed and he hasnot delivered to the board written disapproval of it asmisleading or not in the public interest. The director shallhave the power to disapprove any policy form previously approvedif found by him after hearing to be misleading or not in thepublic interest.
2. Cancellation of the association's policies shall begoverned by law.
3. The rates, rating plans, rating rules, ratingclassifications and territories applicable to the insurancewritten by the association and statistics relating thereto shallbe subject to the casualty rate regulation law giving dueconsideration to the past and prospective loss and expenseexperience in medical malpractice insurance of all of theinsurers, trends in the frequency and severity of losses, theinvestment income of the association, and such other informationas the director may require. All rates shall be actuariallysound and shall be calculated to be self-supporting.
4. In the event sufficient funds are not available for thesound financial operation of the association, additional fundsshall be raised by making an assessment on all member companies.Assessments shall be made against members in the proportion thatthe net direct premiums for the preceding calendar year of eachmember for each line of insurance requiring it to participate insaid plan bear to the net direct premiums for the precedingcalendar year of all members for such line of insurance; providedthat, assessments made pursuant to sections 383.150 to 383.195shall not exceed in any calendar year one percent of eachmember's net direct premiums attributable to the line or lines ofinsurance the writing of which requires it to be a member.
5. All members shall deduct the amount of any assessmentfrom past or future premium taxes due but not yet paid the state.
6. Any funds which result from policyholder premiums andother revenues received in excess of those funds required forreserves, loss payments and expenses incurred and accrued at theend of any calendar year shall be paid proportionately to thegeneral fund to the extent that credit against premium taxliability has been granted pursuant to subsection 5 and tomembers which have been assessed but have not received taxcredits as provided in subsection 5.
