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MARVIN MANDEL, Governor 2889
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(3) INSURANCE AGAINST OTHER LIABILITY FOR
INJURY BY PERSONS EMPLOYED IN, BY PROPERTY USED IN, OR BY
ACTIVITIES INCIDENTAL TO, THE PRACTICE OF LAW BY THE
NAMED INSURED, WHEN ISSUED AS INCIDENTAL COVERAGE WITH OR
SUPPLEMENTAL TO INSURANCE SPECIFIED IN PARAGRAPH (1);
(4) THE INSURANCE AUTHORIZED TO BE WRITTEN
BY THIS SECTION MAY BE PRIMARY, EXCESS, OR REINSURANCE,
AS AUTHORIZED BY THE COMMISSIONER.
570.
(A) THE BOARD OF DIRECTORS OF THE SOCIETY SHALL
ESTABLISH A MEMBERSHIP FEE WHICH SHALL BE PAYABLE BY AN
ATTORNEY AT THE TIME OF APPLICATION TO THE SOCIETY FOR A
POLICY OF INSURANCE. THE MEMBERSHIP FEE IS NOT
REFUNDABLE, NOR SHALL IT BE CREDITED AGAINST ANY PREMIUM
PAYABLE TO THE SOCIETY FOR A POLICY OF INSURANCE. THE
FEE SHALL BE APPROVED BY THE COMMISSIONER, BUT IT MAY NOT
EXCEED $300.
(B) UPON PAYMENT OF THE MEMBERSHIP FEE, AN
ATTORNEY MAY BE INSURED BY THE SOCIETY FOR ANY AND ALL
HAZARDS CUSTOMARILY INSURED BY THE SOCIETY, SUBJECT TO
ANY COVERAGE LIMITATIONS SPECIFIED BY THE SOCIETY IN
ACCORDANCE WITH POLICY LIMITATIONS, EXCLUSIONS,
CONDITIONS, DEDUCTIBLES, AND LOSS SHARING REQUIREMENTS.
571.
(A) A RATE STABILIZATION RESERVE FUND IS
ESTABLISHED TO BE ENTERED AS A LIABILITY IN THE FINANCIAL
STATEMENT OF THE SOCIETY AS A SPECIAL SURPLUS FUND OF THE
SOCIETY ALONG WITH OTHER PREMIUM AND LOSS RESERVES. THE
FUND SHALL BE ADMINISTERED AND VALUED ANNUALLY BY THREE
DIRECTORS OF THE SOCIETY, TOGETHER WITH THE COMMISSIONER
OR HIS DEPUTY.
(B) EACH POLICYHOLDER MEMBER OF THE SOCIETY SHALL
PAY TO THE SOCIETY A STABILIZATION RESERVE FUND CHARGE.
THE DIRECTORS OF THE SOCIETY SHALL DETERMINE THE AMOUNT
OF THE STABILIZATION RESERVE FUND CHARGE. THIS CHARGE
SHALL BE SEPARATELY STATED IN THE POLICY. THE SOCIETY
SHALL CANCEL THE POLICY OF ANY POLICYHOLDER WHO FAILS TO
PAY THE STABILIZATION RESERVE FUND CHARGE.
(C) COLLECTION OF THE STABILIZATION RESERVE FUND
CHARGE SHALL CONTINUE UNTIL SUCH TIME AS THE NET BALANCE
OF THE STABILIZATION RESERVE FUND IS NOT LESS THAN THE
PROJECTED SUM OF PREMIUMS TO BE WRITTEN IN THE YEAR
FOLLOWING THE VALUATION DATE. THE FUND SHALL BE CREDITED
WITH ALL RESERVE FUND CHARGES COLLECTED FROM
POLICYHOLDERS AND, IN ANY YEAR THE SOCIETY SUSTAINS AN
OPERATING LOSS, BE CHARGED WITH THE LOSS.
(D) EACH POLICYHOLDER MEMBER SHALL BE SUBJECT TO
ASSESSMENT AS PROVIDED IN §§ 6-508, 6-510, AND 6-511 OF
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