SECTIONS 7690 - California Statutes

FISH AND GAME CODE

SECTION 7690

7690. (a) Any person engaged in the business of licensed commercial
fishing may enter into an arrangement with other authorized persons
for the pooling of funds to pay claims or losses arising out of loss
or damage to a vessel or machinery used in the business of commercial
fishing and owned by a member of the pool.
A pool established pursuant to this section is not, and shall not
be, subject to the Insurance Code and is not a member of the
California Insurance Guarantee Association under Article 14.2
(commencing with Section 1063) of Chapter 1 of Part 2 of Division 1
of the Insurance Code.
(b) The pool established pursuant to this section shall have
initial pooled resources of not less than two hundred fifty thousand
dollars ($250,000) and the pool shall operate under generally
acceptable accounting principles.
(c) All participating persons in any pool established pursuant to
this section shall agree to pay premiums or make other mandatory
financial contributions or commitments necessary to ensure a
financially sound risk pool.
(d) For the purpose of this section, "person engaged in the
business of licensed commercial fishing" and "authorized person" mean
any natural person, partnership, corporation, limited liability
company, or other person or entity engaged in the business of fishing
for commercial purposes for which that person or its agents or
employees are required to be licensed.