§ 38.2-1212. Subscribers' liability
A. Each subscriber insured under an assessable policy shall have a contingent assessment liability for payment of actual losses and expenses incurred while his policy was in force. This shall be in the amount provided for in the power of attorney or subscriber's agreement.
B. The contingent assessment liability on any one policy in any one calendar year shall equal the premiums earned, as defined in § 38.2-1226, on the policy for that year multiplied by not less than one nor more than ten.
C. The contingent assessment liability shall not be joint, but shall be individual and several.
D. Each assessable policy issued by the insurer shall plainly set forth a statement of the contingent assessment liability on the front of the policy in capital letters in no less than ten point type.
(1952, c. 317, §§ 38.1-702, 38.1-716; 1986, c. 562.)
Sections: Previous 38.2-1205 38.2-1206 38.2-1207 38.2-1208 38.2-1209 38.2-1210 38.2-1211 38.2-1212 38.2-1213 38.2-1214 38.2-1215 38.2-1216 38.2-1217 38.2-1218 38.2-1219 NextLast modified: April 16, 2009