LEG00236

• Bill Number: SB83-15
• Year: 1983
• Title: Concerning Reservoirs and Relating to the Inspection and Regulation Thereof and the Provision of Liability Insurance Therefor and Making an Appropriation Therefor
• Legislation - Doc Type: Other CWCB Related Bills - Killed

standard premium (before retrospective adjustment) for each

policy issued by the association shall be established for

portions of the policy period coinciding with the

association's fiscal year on the basis of the association's

rates, rating plans, rating rules, and rating classifications

then in effect.

The maximum final premium for all

policyholders of the association, as a group, shall be limited

as provided in section 10-4-1107 (4). Since the business of
the association is subject to the nonprofit group
retrospective rating plan required by this subsection (3),
there shall be a presumption that the rates filed and premiums

for the business of the association are not unreasonable or

excessive.

10-4-1107. Stabi 1 i zat i on reserve fund., (1) There is

hereby created a stabilization reserve fund,

to be

administered by the board. The board shall not be subject to

any personal liability or accountability with respect to the

administration of the fund for actions taken in good faith.

(2) Each policyholder shall pay to the association a

stabilization reserve fund charge equal to one-third of each

premium payment due for insurance through the association.

Such charge shall be separately stated in the policy and shall

be payable with each premium payment due.

The association

shall cancel the policy of any policyholder who fails to pay

the stabilization reserve fund charge.

(3) The association shall promptly pay to the trustee of

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