A. Every group, association or other organization of insurers which engages in joint underwriting or joint reinsurance, shall be subject to regulation with respect thereto, as herein provided, subject, with respect to joint underwriting, to all other provisions of this act, and with respect to joint reinsurance as provided in this act.
B. If, after a hearing, the Insurance Commissioner finds that any activity or practice of any such group, association or other organization, is unfair or unreasonable, or otherwise inconsistent with the provisions of this act, the Commissioner may issue a written order specifying in what respects such act or practice is unfair or unreasonable or otherwise inconsistent with the provisions of this act, and require the discontinuance, within a reasonable time under the circumstances, of such act or practice.
Added by Laws 1980, c. 322, § 26, eff. Jan. 1, 1981. Amended by Laws 1987, c. 210, § 29, eff. July 1, 1987; Laws 2006, c. 264, § 24, eff. July 1, 2006.
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