In addition to the requirements under ยง 23-72-109, the bylaws of a pro rata assessment plan insurer:
(1) Shall clearly provide the plan of calling assessments. They may provide for assessment of each group or circle for payment of its own claims, for the assessing of groups or circles in rotation, or for assessing any group or circle, or the entire membership, for the payment of any matured claim; and
(2) May provide for the collection of assessments in advance to be used for the payment of claims and expenses.
Section: Previous 23-72-104 23-72-105 23-72-106 23-72-107 23-72-108 23-72-109 23-72-110 23-72-111 23-72-112 23-72-113 23-72-114 23-72-115 23-72-116 23-72-117 23-72-118 NextLast modified: November 15, 2016