Legislation

Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 6609
Policy forms
Insurance (ISC) CHAPTER 28, ARTICLE 66
§ 6609. Policy forms. (a) (1) Every form of policy issued by any
co-operative property/casualty insurance company shall indicate in words
prominently displayed at the top of the first page, and in type of which
the face shall not be smaller than twelve point, that such policy is
issued on the co-operative plan.

(2) Each form of policy issued by such a corporation shall also
include on the page following that concluding the policy proper and
under appropriate caption all provisions of the corporation's by-laws,
whether required or permitted, relative to meetings of members, election
of directors, rights and obligations of members, extraordinary
assessments, and contingent liability.

(b) No policy form shall be delivered or issued for delivery by an
assessment corporation unless it has been filed by said assessment
corporation with the superintendent and he has approved it.

(c) The standard fire insurance policy, insofar as required for use by
domestic mutual property/casualty insurance companies by section three
thousand four hundred four of this chapter, shall also be required for
use by all co-operative property/casualty insurance companies, with such
modifications therein as shall be permitted by regulation of the
superintendent.

(d) Two or more advance premium corporations or two or more assessment
corporations may issue a combination policy, as provided for in section
three thousand four hundred four of this chapter, with such
modifications permitted by regulation of the superintendent, upon
property located in territory wherein all the participating corporations
named in such policy are licensed to do business.