Chapter 175G

Section 1. As used in this chapter, the following words, unless the context otherwise requires, shall have the following meanings:— ''Cede'', to contractually transfer, pursuant to the provisions of this chapter, all or part of the financial responsibility for pollution liability…

Section 2. For the purpose of assuming or ceding reinsurance of pollution liability insurance policies subject to the provisions of this chapter, there is hereby created a body politic and corporate to be known as the Pollution Liability Reinsurance Corporation. The Corporation i…

Section 3. The Corporation shall have the following powers to: establish and amend a plan of operation subject to the approval of the commissioner; make, amend, and repeal by-laws, subject to the approval of the commissioner, for the management of its affairs; adopt an official s…

Section 4. The Corporation shall submit to the commissioner of insurance for his approval a plan of operation addressing both the internal structure and management of the Corporation and the procedures by which the Corporation seeks to carry out the purposes of this chapter, incl…

Section 5. Subject to the plan of operation, the Corporation shall establish and collect a percentage surcharge of up to five per cent on ordinary reinsurance charges in order to build up a supplemental special account within the Pollution Liability Reinsurance Fund. The proceeds…

Section 6. By July first of each year, the Corporation shall conduct a review of its claim experience for each reporting year. In the event that for any specific reporting year the reinsurance Corporation's charges for providing reinsurance on policies subject to this chapter, de…

Section 7. The commissioner may make, and at any time, alter or amend, reasonable rules and regulations to facilitate the operation of this chapter. The commissioner may issue such orders as he finds proper, expedient or necessary to enforce and administer the provisions of this …