Section 27-31-18 – Subscribers; Exchange of Insurance Contracts; Liability of Representatives.
Section 27-31-18 Subscribers; exchange of insurance contracts; liability of representatives. Individuals, partnerships, and corporations of this state may make application, enter into agreement for, and hold, policies or contracts in, or with, and be a subscriber of any domestic, foreign, or alien reciprocal insurer. Any corporation now or hereafter organized under the laws of this […]
Section 27-31-19 – Subscribers’ Advisory Committee of Domestic Insurer.
Section 27-31-19 Subscribers’ advisory committee of domestic insurer. (a) The advisory committee of a domestic reciprocal insurer exercising the subscribers’ rights shall be selected under such rules as the subscribers adopt. (b) Not less than two thirds of such committee shall be subscribers other than the attorney or any person employed by, representing, or having […]
Section 27-31-20 – Liability of Subscribers – Generally.
Section 27-31-20 Liability of subscribers – Generally. (a) 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. (b) Except as to a nonassessable policy, each subscriber shall have a contingent assessment liability, in the […]
Section 27-31-21 – Liability of Subscribers – Judgment.
Section 27-31-21 Liability of subscribers – Judgment. (a) No action shall lie against any subscriber upon any obligation claimed against the insurer until a final judgment has been obtained against the insurer and remains unsatisfied for 30 days. (b) Any such judgment shall be binding upon each subscriber only in such proportion as his interests […]
Section 27-31-22 – Levy of Assessments on Subscribers of Domestic Insurers – Generally.
Section 27-31-22 Levy of assessments on subscribers of domestic insurers – Generally. (a) Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable therefor under the terms of their policies by the attorney upon approval in advance by the subscribers’ advisory committee and the commissioner or by the commissioner […]
Section 27-31-23 – Levy of Assessments on Subscribers of Domestic Insurers – Time Limit.
Section 27-31-23 Levy of assessments on subscribers of domestic insurers – Time limit. Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for and shall pay his share of, any assessment, as computed and limited in accordance with this chapter, if: (1) While his policy is in force or within one […]
Section 27-31-24 – Levy of Assessments on Subscribers of Domestic Insurers – Aggregate Liability.
Section 27-31-24 Levy of assessments on subscribers of domestic insurers – Aggregate liability. No one policy or subscriber as to such policy shall be assessed or charged with an aggregate of contingent liability as to obligations incurred by a domestic reciprocal insurer in any one calendar year in excess of the amount provided for in […]
Section 27-31-25 – Nonassessable Policies.
Section 27-31-25 Nonassessable policies. (a) If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock required of a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney and as approved by the subscribers’ advisory committee, the commissioner shall issue […]
Section 27-31-26 – Distribution of Unused Premiums, Etc.
Section 27-31-26 Distribution of unused premiums, etc. A reciprocal insurer may from time to time return to its subscribers any unused premiums, savings, or credits accruing to their accounts. Any such distribution shall not unfairly discriminate between classes of risks or policies or between subscribers, but such distribution may vary as to classes of subscribers, […]
Section 27-31-27 – Distribution of Assets Upon Liquidation of Domestic Insurer.
Section 27-31-27 Distribution of assets upon liquidation of domestic insurer. Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus made as provided in Section 27-31-15, and the return of any unused […]