Requirement of Participation in Plan by Property Insurers

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  5. Requirement of Participation in Plan by Property Insurers

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  1. 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.
  2. 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.

(Ga. L. 1970, p. 282, § 2; Ga. L. 1975, p. 22, § 2; Ga. L. 1995, p. 629, § 1.)


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