Title INS — California Ins. Code
0 chapters · 3,633 sections in this title.
Ins. Code § 8053 Section 8053
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Such reinsurer shall not at any time write reinsurance, subject to one risk, in excess of five per cent of the total amount of reinsurance on its books at the time of accepting the risk. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 8070 Section 8070
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A member of such reinsurer, upon sustaining loss covered by reinsurance, shall immediately notify the president or secretary, stating the amount of loss. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 8071 Section 8071
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The president and secretary shall proceed to ascertain the amount of such loss and make adjustment.
Ins. Code § 8072 Section 8072
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If the claim is for more than five thousand dollars ($5,000), the secretary shall forthwith notify each member of the executive committee. At each regular meeting of the directors the secretary shall furnish them with a statement showing all claims filed since the previous regula…
Ins. Code § 8073 Section 8073
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If in any case there is a failure of the parties to agree upon the amount of such loss they may submit the question of the amount to arbitration. In that event the president of the reinsurer shall appoint one disinterested person to act as an arbitrator, and the member shall appo…
Ins. Code § 8074 Section 8074
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If the two arbitrators thus appointed fail to agree upon the amount of such loss, they shall select a third disinterested person to act with them. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 8075 Section 8075
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Such arbitrators so appointed may examine witnesses and do all other things necessary to the proper determination of the amount of loss sustained by the claimant. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 8076 Section 8076
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The arbitrators shall make their award in writing to the president of the reinsurer and to the member. Such award shall be final as to the amount of the loss sustained. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 8077 Section 8077
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The pay of each arbitrator shall be five dollars per day for each day’s services rendered, and five cents for each mile necessarily traveled in the discharge of his duties. Such compensation shall be paid by the claimant unless the award of the arbitrators exceeds the sum offered…
Ins. Code § 8078 Section 8078
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The president and secretary of the reinsurer may secure the services of an adjuster to represent it on any loss, subject to confirmation by its executive committee. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 8090 Section 8090
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When the amount of any ascertained loss exceeds the cash funds of the reinsurer and also exceeds one-eighth of one per cent of the total amount of the insurance in force in the reinsurer, the president shall convene its directors. On so convening, the directors shall assess each …
Ins. Code § 8091 Section 8091
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When the amount of such loss does not exceed one-eighth of one per cent of the total amount of insurance in force in the reinsurer, the directors may, by resolution in writing signed by two-thirds of all the directors while present at a meeting, borrow in the name of the reinsure…
Ins. Code § 8092 Section 8092
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The term of such loan shall not be longer than twelve months, and the date of maturity shall not be more than thirty days beyond the date of the next annual meeting of the reinsurer. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 8093 Section 8093
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The board of directors may at their annual meeting levy an assessment not exceeding twenty-five cents on the $100 of reinsurance. The sum so raised shall constitute a reserve fund to be used in emergency cases only. Another assessment for this purpose shall not be made while this…
Ins. Code § 8094 Section 8094
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Whenever an assessment is made, the secretary shall immediately notify every member by registered letter addressed to the secretary of the member at its usual post-office address, stating: (a) The amount of such loss. (b) The sum due from the member as its share. (c) To whom paym…
Ins. Code § 8095 Section 8095
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An action may be brought against any member of such reinsurer that neglects or refuses to pay the liabilities due such reinsurer. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 8096 Section 8096
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The directors of any such reinsurer who wilfully refuse or neglect to perform the duties imposed upon them by law or by the by-laws of the reinsurer are liable in their individual capacity to the reinsurer sustaining loss. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 8097 Section 8097
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An action may also be brought and maintained against any such reinsurer by members thereof to recover sums owing them for losses sustained when payment is withheld after the amount of such losses is determined and is due by the terms of the policy. (Enacted by Stats. 1935, Ch. 14…
Ins. Code § 9010 Section 9010
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Any member of such reinsurer may cancel any policy of reinsurance at any time while the reinsurer continues its reinsurance business. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 9011 Section 9011
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The cancellation may be accomplished only by complying with all of the following requirements: (a) Surrender of policy for cancellation. (b) Giving ten days’ notice in writing to the secretary of the reinsurer. (c) Payment of the member’s share of all claims that exist against th…
Ins. Code § 9012 Section 9012
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The reinsurer may cancel or terminate any policy by giving the member ten days’ written notice and returning to it any excess of premium paid during the term of the policy over the cost of its reinsurance as measured by the rules or methods of admitted fire insurers issuing nonas…
Ins. Code § 9030 Section 9030
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The secretary shall prepare an annual statement, showing the condition of such reinsurer on December thirty-first and a supplemental report of the business of the reinsurer to January thirty-first and present both reports at the ensuing annual meeting. (Enacted by Stats. 1935, Ch…
Ins. Code § 9031 Section 9031
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The president and secretary shall, on or before the first day of March of each year, prepare under oath, and transmit to the commissioner, a statement of the condition of the insurer as of the thirty-first day of December then next preceding.
Ins. Code § 9050 Section 9050
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Any such reinsurer may be proceeded against and dissolved in the same manner and upon the same conditions as in the case of other domestic insurers. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 9060 Section 9060
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The provisions of Sections 980, 981, 982, 983, 984, 985, 986, 987, 988, 989, 990, 991, 992, and 993 shall not apply to county mutual fire reinsurers.