33-4-401. Surplus funds required. A domestic farm mutual insurer is authorized to transact insurance if it is otherwise in compliance with the applicable provisions of this chapter and if it maintains surplus funds as follows: (1) if a state mutual insurer or a county mutual insurer that has changed its status to that of a state mutual […]
33-4-402. Members’ liability — limitation. All liability of the members of a farm mutual insurer must be as limited in the insurer’s bylaws. For insurers transacting business on the cash premium plan, the limitation must comply with 33-4-504(4). A member may not be required to pay more than the full amount of the member’s obligation given […]
33-4-403. Investments. (1) When directed by a majority vote of its members present at a meeting of members, the directors of a farm mutual insurer may invest the insurer’s funds or any part of the funds in any of the following: (a) bonds or other securities issued by the United States government or by any agency of […]
33-4-404. Repealed. Sec. 44, Ch. 531, L. 1997. History: En. Sec. 503, Ch. 286, L. 1959; R.C.M. 1947, 40-4836.
33-4-405. Repealed. Sec. 73, Ch. 227, L. 2001. History: En. Sec. 504, Ch. 286, L. 1959; R.C.M. 1947, 40-4837.
33-4-406. Reserves — cash premium plan. Each insurer transacting business on the cash premium plan shall maintain the following reserves: (1) a loss reserve, in amount reasonably adequate to pay in full all losses already incurred but currently unpaid. The amount subsequently paid on such losses shall be credited against this reserve. (2) a reserve for unearned premiums, […]
33-4-407. Profits or dividends. An insurer may not accumulate any profits or pay any dividends. This provision does not prohibit an insurer from accumulating and maintaining surplus funds as required to be maintained by the insurer under this chapter or from accumulating and maintaining other voluntary reserves for purposes and in amounts that may be reasonable. […]
33-4-408. Deficiency of surplus. (1) If the surplus funds of a farm mutual insurer at any time fall below the amount required to be maintained under this chapter, the insurer shall cure such deficiency within 6 months thereafter, notwithstanding that new losses or expenses may be incurred within such 6-month period. (2) If the deficiency is not […]
33-4-409. Repealed. Sec. 44, Ch. 531, L. 1997. History: En. Sec. 509, Ch. 286, L. 1959; R.C.M. 1947, 40-4842; amd. Sec. 2, Ch. 177, L. 1987; amd. Sec. 1, Ch. 327, L. 1987.
33-4-410. Losses — notice — adjustment. (1) Every member of a domestic farm mutual insurer who has sustained any insured loss or damage shall immediately notify the insurer’s secretary thereof and of the amount of damage or loss claimed. (2) Upon receipt of the notice of loss referred to in subsection (1) above, the secretary shall notify […]
33-4-411. Arbitration — committee — compensation. (1) If any insurer’s adjuster and a claimant fail to agree as to the amount of the insured loss or damage sustained by the claimant and if provided for in the insurer’s bylaws, the matter must be submitted to three persons as a committee of reference. One member must be selected […]
33-4-412. Obligations or assessments due — losses payable. (1) Obligations or assessments of members for losses and expenses become due and payable at such time as may be provided in the bylaws of the insurer, and the insurer shall use due diligence to collect each obligation or assessment. (2) Any valid claim for an insured loss against […]
33-4-413. Suit to collect obligations — liability of directors or officers. (1) An insurer may institute a suit against any member of such insurer if the member fails to pay when due any obligation or liability of the member given such insurer under the provisions of this chapter. (2) The directors or officers of an insurer are […]
33-4-414. Proportionate payment of losses. If the aggregate whole amount of the members’ obligations to an insurer transacting business on the assessment plan are insufficient to pay all valid claims for losses under the insurer’s contracts of insurance after necessary expenses in any one year, then such claimants insured by the insurer shall receive their proportionate […]
33-4-415. Suit to collect for loss. If the insurer fails to pay any insured loss when due, an action may be maintained against it to collect for such loss, but subject to 33-4-414 as to assessment plan insurers. History: En. Sec. 519, Ch. 286, L. 1959; R.C.M. 1947, 40-4852.
