§ 38.2-2513. Withdrawal and exclusion of members
A. Any member of a mutual assessment property and casualty insurer may withdraw as a member at any time by giving at least thirty days' written notice to the insurer and paying his share of all losses against the insurer that have occurred prior to the member's withdrawal and which have not been fully reserved or for which surplus is inadequate. Upon this withdrawal the member shall be paid by the insurer any unearned premium, unearned fee or unearned assessment paid in advance.
B. Any member who neglects or refuses to pay an assessment or premium when due may be excluded from membership for that or any other reason satisfactory to a majority of the directors or the executive committee, or as the bylaws prescribe. The member shall remain liable for the payment of any assessments made for losses that have occurred prior to his exclusion, and also for the amounts provided for in § 38.2-2522, if action is instituted within twelve months after the time the assessments become due.
(Code 1950, §§ 38-527, 38-537; 1952, c. 317, §§ 38.1-669.1, 38.1-670; 1986, c. 562.)Sections: Previous 38.2-2506 38.2-2507 38.2-2508 38.2-2509 38.2-2510 38.2-2511 38.2-2512 38.2-2513 38.2-2514 38.2-2515 38.2-2516 38.2-2517 38.2-2518 38.2-2519 38.2-2520 Next
Last modified: April 16, 2009