§3623. Limit of risk
1.
Except as provided in section 3607, subsection 1, an insurer shall not retain liability as to any one risk in an amount exceeding 10% of its surplus and in addition 8% of the amount at any time due on its premium notes.
[PL 1975, c. 124 (AMD).]
2.
Valid reinsurance ceded by the insurer and then in force shall be deducted from the gross risk assumed in determining net risk retained.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1975, c. 124 (AMD).