§ 38.2-2518. Assessment contract
Each person insured by a mutual assessment property and casualty insurer shall be issued a contract prescribed by the insurer, that shall be uniform among members of the respective classes of insurance written by the insurer. Each member shall agree to pay his pro rata share of all losses or damages sustained, expenses of operation of the insurer, and the maintenance of an adequate surplus to policyholders as determined by the board of directors. Periodic assessments may be collected as advance premiums or post assessments or by both methods. The amount of assessments shall be established by the directors of the insurer.
(Code 1950, § 38-530; 1952, c. 317, § 38.1-677; 1954, c. 161; 1986, c. 562.)
Sections: Previous 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 38.2-2521 38.2-2522 38.2-2523 38.2-2524 38.2-2525 NextLast modified: April 3, 2009