§435E-25 Voluntary termination of a member. A participating member who is then in full compliance with the trust agreement may elect voluntarily to terminate his or her membership in the interindemnity arrangement. Upon voluntary termination, such person may further elect to cease being responsible for future assessments, or to continue to pay such assessments until such time as such person's initial contribution is repaid. In the event such person elects to cease being responsible for future assessments, the indemnity coverage shall thereupon terminate and such person shall either be responsible for his or her own exposure for acts committed while a participating member in the interindemnity arrangement, or he or she may request the interindemnity arrangement to purchase or provide, at the cost of such person, coverage for such exposure. The initial contribution of such person shall be repaid on the tenth anniversary of the date such contribution was made. In the event such person elects to continue to be responsible for assessments, the indemnity coverage shall continue in respect of occurrences prior to the date of the voluntary termination, and the initial contribution of such person shall be repaid at such time as the board of trustees is satisfied that (1) there are no claims pending against the person in respect of occurrences during the time the person was a participating member, and (2) the statute of limitations has run on all claims which might be asserted against the person in respect of occurrences during such time. In no event shall such repayment be made earlier than the tenth anniversary of the date such contribution was made. [L 1977, c 182, pt of §1]
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