17:30B-5. Powers
An association shall, pursuant to the provisions of this act and the plan of operation, have the power:
a. To assume the unexpired policy obligations of insolvent insurance companies:
b. To assess each of its members and to reimburse them for such assessments, at such times as directed by the commissioner;
c. To reimburse the servicing carriers out of the Joint Underwriting Association Fund;
d. To present claims to the Guaranty Association for unearned premiums on the assumed policies;
e. To adopt bylaws for the regulation of its affairs and the conduct of its business;
f. To sue and be sued;
g. To employ, subject to the approval of the commissioner, such employees as may be required in the judgment of the association, to carry out the purposes of this act, and to fix and pay their reasonable compensation from the Joint Underwriting Association Fund;
h. To borrow funds at prevailing interest rates;
i. To perform such other functions as may be deemed necessary by the commissioner to carry out the purposes of this act.
L.1974, c. 106, s. 5, eff. Sept. 19, 1974.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.