Legislation
SECTION 6622
Refunds from surplus; assessment corporations
Insurance (ISC) CHAPTER 28, ARTICLE 66
§ 6622. Refunds from surplus; assessment corporations. (a) Subject to
the requirements of this article for the accumulation and maintenance of
minimum surplus, the surplus of any assessment corporation shall be
eligible for equitable distribution to its members, but no distribution
shall be made until authorized by the corporation's board of directors
nor until approved by the superintendent.
(b) In authorizing any such distribution the board of directors of an
assessment corporation may provide for apportionment thereof among
separate groups of members on the basis of underwriting experience
equitably classified according to major kinds of insurance.
the requirements of this article for the accumulation and maintenance of
minimum surplus, the surplus of any assessment corporation shall be
eligible for equitable distribution to its members, but no distribution
shall be made until authorized by the corporation's board of directors
nor until approved by the superintendent.
(b) In authorizing any such distribution the board of directors of an
assessment corporation may provide for apportionment thereof among
separate groups of members on the basis of underwriting experience
equitably classified according to major kinds of insurance.