Acts and Regulations

I-12 - Insurance Act

Full text
Filing of declaration
331The persons constituting the exchange shall, through their attorney, file with the Superintendent a declaration, verified by oath, setting forth
(a) the name of the attorney and the name or designation under which such contracts are issued, which name or designation shall not be so similar to any other name or designation previously adopted by any exchange or by any licensed insurer as in the opinion of the Superintendent to be likely to result in confusion or deception,
(b) the classes of insurance to be effected or exchanged under such contracts,
(c) a copy of the form of the contract, agreement or policy under or by which such reciprocal contracts of indemnity or inter-insurance are to be affected or exchanged,
(d) a copy of the form of power of attorney under which such contracts are to be effected or exchanged,
(e) the location of the office from which such contracts are to be issued,
(f) a financial statement in the form prescribed by the Superintendent,
(g) evidence satisfactory to the Superintendent that it is the practice of the exchange to require its subscribers to maintain in the hands of the attorney, as a condition of membership in the exchange, a premium deposit reasonably sufficient for the risk assumed by the exchange,
(h) evidence satisfactory to the Superintendent that the management of the affairs of the exchange is subject to the supervision of an advisory board or committee of the subscribers in accordance with the terms of the power of attorney.
1968, c.6, s.328