(1) The association shall obtain a line of credit for the |
benefit of each account, in an amount not to exceed the |
applicable maximum to ensure the immediate availability of funds |
for purposes of future claims and expenses attributable to an |
insurer insolvency in that account. That line of credit shall be |
obtained from a qualified financial institution. At no time may |
a qualified financial institution participate in a line of credit |
in excess of 20% of its equity capital. The line of credit shall |
provide for a 30-day notice of termination or nonrenewal to the |
superintendent and the association and shall provide funding to |
the association within one business day of receipt of notice from |
the superintendent of an impaired insurer in that account as |
defined in section 4605. Each member insurer upon notice from |
the association shall make immediate payment for its |
proportionate share of the amount borrowed based on the premium |
for the |