(a) Each member of a domestic mutual insurer shall, except as provided with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability shall be expressed in the policy and be in the maximum amount that is specified in the insurer's articles of incorporation.
(b) Termination of the policy of the member does not relieve the member of contingent liability for the member's proportion, if any, of the obligations of the insurer that accrued while the policy was in force.
(c) Unrealized contingent liability of members does not constitute an asset of the insurer in a determination of its financial condition.
Section: Previous 21.69.360 21.69.370 21.69.380 21.69.390 21.69.400 21.69.410 21.69.420 21.69.430 21.69.440 21.69.450 21.69.460 21.69.470 21.69.480 21.69.490 21.69.500 NextLast modified: November 15, 2016