California Insurance Code

§ 1067.08

INS § 1067.08 Effective Sep 27, 2010Div. 1 · Part 2 · Ch. 1 · Art. 14.7

Statute text

(a)For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account, at the time and for the amounts as the board finds necessary. Assessments shall be due not more than 30 days after prior written notice to the member insurers and shall accrue interest at the rate of 10 percent per annum on and after the due date.

(b)There shall be two classes of assessments, as follows:

(1)Class A assessments shall be authorized and called for the purpose of meeting administrative and legal costs and other expenses and examinations conducted under the authority of subdivision (e) of Section 1067.11. Class A assessments may be authorized and called whether or not related to a particular impaired or insolvent insurer.

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Legislative history

Amended by Stats. 2010, Ch. 334, Sec. 8. (SB 1408) Effective September 27, 2010.