40-1604. Statements filed by attorney-in-fact with commissioner; amount of indemnity.
40-1604
40-1604. Statements filed by attorney-in-fact withcommissioner; amount ofindemnity.There shall be filed with the commissioner of insurance astatement under oath by the attorney-in-fact giving themaximum amount of indemnityupon any single risk, and such attorney-in-fact,whenever and as often as such attorney-in-fact shall berequired, shall file with the commissioner of insurance a statementverified by such attorney-in-fact's oath, to the effect thatthe reciprocal has not assumed on any one risk an amountgreater than 10% of its surplus, unless the excess shall be reinsured(1) in some other insurance company duly authorized to transact similarbusiness in this state or as otherwise provided in the insurance code; or (2)as provided by the laws of the state in which the principal office of thereciprocal is located.
History: L. 1927, ch. 231, 40-1604; L. 1967, ch. 268, § 3;L. 2000, ch. 170, § 20; July 1.