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2891
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MARVIN MANDEL, Governor
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OF THE SOCIETY ARE ADMINISTERED BY A LICENSED INSURER,
SUBJECT TO SUCH CONTINUING DIRECTION BY THE BOARD OF
DIRECTORS AS SPECIFIED IN THE ARTICLES OF INCORPORATION,
THE BYLAWS, AND THE CONTRACT.
(B) UPON THE EXECUTION OF ANY CONTRACT, THE
SOCIETY SHALL PROMPTLY FILE A TRUE COPY WITH THE
COMMISSIONER. THE CONTRACT SHALL BECOME EFFECTIVE 30
DAYS FROM THE DATE OF FILING UNLESS THE COMMISSIONER,
PRIOR TO THE EFFECTIVE DATE, DISAPPROVES THE CONTRACT AS
BEING CONTRARY TO LAW OR PUBLIC POLICY OR UNDULY ONEROUS.
THE COMMISSIONER SHALL STATE THE REASONS FOR SUCH
FINDINGS.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1977.
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Approved May 26, 1977.
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CHAPTER 714
(Senate Bill 480)
AN ACT concerning
Professional and Executive Liability Fund
FOR the purpose of extending until a certain date the
provisions of Chapter 546 of the Acts of the General
Assembly of 1975; providing for the creation of a
Professional and Executive Liability Fund which will
make such insurance available to all qualified
applicants by the formation of a certain pool
subclass or subpool by the Board of Governors and
the Administrative Committee of the Joint Insurance
Association; defining terms; providing for a program
of reinsurance and excess insurance; authorizing the
Insurance Commissioner to take certain actions;
providing for the management and supervision of the
pool subpools; requiring the submission of a program
of operation for a professional subclass to the
Commissioner in certain instances; specifying the
subpools which may be activated upon a determination
of a lack of availability of insurance for that
subpool; making corrections; repealing the automatic
termination date provision of Chapter 546; and
generally amending certain provisions of Chapter 546
of 1975 and extending the applicability of Chapter
546 in order to make available certain kinds of
insurance and reinsurance for professional and
executive persons.
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BY repealing and reenacting, with amendments,
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