Georgia § 33-33-3 Requirement of participation in plan by property insurers

Georgia Statutes

§ 33-33-3 — Requirement of participation in plan by property insurers

(a)Each insurer authorized to write and writing property insurance in this state shall be required to become and remain a member of the plan and the underwriting association and to comply with the requirements of the plan and the underwriting association as a condition of its authority to transact property insurance business.

(b)Each insurer shall participate in the writings, expenses, profits, and losses of the association in the following manner:

(1)For habitational risks, the same proportion as its habitational premiums written bear to the aggregate habitational premiums written by all insurers in the program; and (2) For commercial risks, the same proportion as its commercial premiums written bear to the aggregate commercial premiums written by all insurers in the program.

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(a) Each insurer authorized to write and writing property insurance in this state shall be required to become and remain a member of the plan and the underwriting association and to comply with the requirements of the plan and the underwriting association as a condition of its authority to transact property insurance business. (b) Each insurer shall participate in the writings, expenses, profits, and losses of the association in the following manner: (1) For habitational risks, the same proportion as its habitational premiums written bear to the aggregate habitational premiums written by all insurers in the program; and (2) For commercial risks, the same proportion as its commercial premiums written bear to the aggregate commercial premiums written by all insurers in the program.

Georgia § 33-33-3 (Requirement of participation in plan by property insurers) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.