SECTIONS 8070-8078 - California Statutes

INSURANCE CODE

SECTION 8070-8078

8070. A member of such reinsurer, upon sustaining loss covered by
reinsurance, shall immediately notify the president or secretary,
stating the amount of loss.

8071. The president and secretary shall proceed to ascertain the
amount of such loss and make adjustment.

8072. If the claim is for more than five thousand dollars ($5,000),
the secretary shall forthwith notify each member of the executive
committee. At each regular meeting of the directors the secretary
shall furnish them with a statement showing all claims filed since
the previous regular meeting of the directors.

8073. If in any case there is a failure of the parties to agree
upon the amount of such loss they may submit the question of the
amount to arbitration. In that event the president of the reinsurer
shall appoint one disinterested person to act as an arbitrator, and
the member shall appoint another.

8074. If the two arbitrators thus appointed fail to agree upon the
amount of such loss, they shall select a third disinterested person
to act with them.

8075. Such arbitrators so appointed may examine witnesses and do
all other things necessary to the proper determination of the amount
of loss sustained by the claimant.

8076. The arbitrators shall make their award in writing to the
president of the reinsurer and to the member. Such award shall be
final as to the amount of the loss sustained.

8077. The pay of each arbitrator shall be five dollars per day for
each day's services rendered, and five cents for each mile
necessarily traveled in the discharge of his duties. Such
compensation shall be paid by the claimant unless the award of the
arbitrators exceeds the sum offered by the reinsurer in liquidation
of the loss. In the latter case such expense shall be paid by the
reinsurer.

8078. The president and secretary of the reinsurer may secure the
services of an adjuster to represent it on any loss, subject to
confirmation by its executive committee.