§1853. Authorization; requirements; regulation

            A. Two or more churches or nonprofit religious organizations or one or more religious denominations may agree to pool their liabilities for the purposes of providing commercial coverage for their buildings and other properties, so long as they have a positive net worth, are financially solvent, and are capable of assuming the obligations set forth in this Chapter.

            B. Pools may also be created for commercial coverages that are analogous to commercial property insurance in the private market as approved by the commissioner.

            C. The department shall promulgate necessary rules in accordance with the Administrative Procedure Act to implement and regulate the activities authorized in this Chapter.

            Acts 2023, No. 259, §§1, 3A, eff. June 12, 2023; Acts 2026, No. 759, §1, eff. June 2, 2026.