Current through 2024-51, December 18, 2024
Section 029-126-VI - EXTENSIONS OF CREDIT BY MEMBER INSURERS TO THE ASSOCIATIONA. If at any time there is no approved Line of Credit in force issued to an Association, each of that Association's Member Insurers must either: (I) obtain an approved Line of Credit pursuant to this Rule issued to the Member Insurer for the benefit of the Association, with all funds drawn on the Line of Credit credited to the Member Insurer's account; (ii) enter into an agreement to extend credit to the Association, filed with and approved by the Superintendent of Insurance in a manner consistent with Section5 of thisRule; or(iii) pay a preinsolvency assessment to the Association in the amount specified in 24-AM.R.S.A. §4440 or § 4609, as applicable.B. Any Member Insurer subject to the provisions of Paragraph A that has not chosen a method of funding within a reasonable time after receiving notice of its obligation, or that is not in compliance with the requirements applicable to its chosen method of funding, must within thirty days after receiving notice of noncompliance either cure the noncompliance or deposit the appropriate preinsolvency assessment with the Association.02-029 C.M.R. ch. 126, § VI