Insurance Law 6622 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 6621 Unabsorbed portions of premium payments up ARTICLE 66 Co-operative Property/casualty Insurance Companies next SECTION 6623 Investments Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 6622 Refunds from surplus; assessment corporations Insurance (ISC) CHAPTER 28, ARTICLE 66 § 6622. Refunds from surplus; assessment corporations. (a) Subject to the requirements of this article for the accumulation and maintenance of minimum surplus, the surplus of any assessment corporation shall be eligible for equitable distribution to its members, but no distribution shall be made until authorized by the corporation's board of directors nor until approved by the superintendent. (b) In authorizing any such distribution the board of directors of an assessment corporation may provide for apportionment thereof among separate groups of members on the basis of underwriting experience equitably classified according to major kinds of insurance.