As Amended
SEC. 83-34-9. Participation by members.
All members of the association shall participate in its writings, expenses, profits and losses in the proportion that the net direct premiums of each such member written in this state during the preceding calendar year bears to the aggregate net direct premiums written in this state by all members of the association, as certified to the association by the commissioner after review of annual statements, other reports and any other statistics the commissioner shall deem necessary to provide the information herein required and which the commissioner is hereby authorized and empowered to obtain from any member of the association. A member shall, in accordance with the plan of operation, annually receive credit for essential property insurance voluntarily written in a coast area, and its participation in the writings of the association shall be reduced in accordance with the provisions of the plan of operation. Each member's participation in the association shall be determined annually in the manner provided in the plan of operation. Any insurer authorized to write and engage in writing any insurance, the writing of which requires such insurer to be a member of the association pursuant to the provisions of Section 83-34-3, who engages in writing such insurance after the effective date of this chapter, shall become a member of the association on the January 1 immediately following such authorization; and the determination of such insurer's participation in the association shall be made as of the date of such membership in the same manner as for all other members of the association.
SOURCES: Laws, 1987, ch. 459, Sec. 6, eff from and after passage (approved April 14, 1987).