1. The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer
shall be an individual, several and proportionate liability, and not joint.
[
1969, c. 132, §1 (NEW)
.]
2. Except as to a nonassessable policy, each subscriber shall have a contingent assessment liability, in the amount provided
for in the power of attorney or in the subscribers' agreement, for payment of actual losses and expenses incurred while his
policy was in force. Such contingent liability may be at the rate of not less than one nor more than 10 times the premium
or premium deposit stated in the policy, and the maximum aggregate thereof shall be computed in the manner set forth in section
3872.
[
1969, c. 132, §1 (NEW)
.]
3. Each assessable policy issued by the insurer shall contain a statement of the contingent liability, set in type of the same
prominence as the insuring clause.
[
1969, c. 132, §1 (NEW)
.]
SECTION HISTORY
1969, c. 132, §1 (NEW).
Data for this page extracted on 11/09/2009 11:20:25.