Section Ins 1703.02 - Obligation of Members(a) Every member shall be bound by Ins 1703.(b) The obligation of any member whose membership in the association terminates shall continue with respect to its obligations incurred during its membership.(c) A member whose membership in the association terminates shall continue to pay assessments until its proportionate share has been determined and paid. However, if the liability business of a company has been purchased by, transferred to, or reinsured by another company, the latter shall receive the assessments of the former until the proportionate share of the former has been determined and paid.(d) In the event of a merger or consolidation of companies, the continuing company shall pay all assessments of the company merged or consolidated until the proportionate share of such merged or consolidated company prior to such merger or consolidation has been determined and paid. However, the continuing company may be relieved from any obligations if another company has agreed to assume the obligations of the merged or consolidated member.(e) Any unsatisfied obligation to the association of any insolvent member shall be assumed by and apportioned among the remaining members of the association in the manner provided in Ins 1703.07. The association shall have all rights allowed by law on behalf of the remaining members against the estate or funds of such insolvent member for sums due the association pursuant to RSA 402-C.(f) No claim against the association shall create any severable liability of the member companies pursuant to RSA 404-C:2 III.(g) No assessment shall be levied against a member company which has written no net direct premiums during the period for which the proportionate shares are based.N.H. Admin. Code § Ins 1703.02
#7112, eff 10-29-99; ss by #7409, eff 12-1-00, EXPIRED: 12-1-08
New. #9373, eff 1-30-09