33-5-501. Insuring powers of reciprocals
33-5-501. Insuring powers of reciprocals. (1) A reciprocal insurer may, upon qualifying therefor as provided for by this code, transact any kind or kinds of insurance defined by this code, other than life or title insurances. (2) Such an insurer may purchase reinsurance and may grant reinsurance as to any kind of insurance it is authorized to […]
33-5-502. Certificate of authority
33-5-502. Certificate of authority. (1) The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer. (2) The commissioner may refuse, suspend, or revoke the certificate of authority, in addition to other grounds therefor, for failure of the attorney to comply with any provision of this code. History: En. […]
33-5-503. Eligible subscribers — liability of representative
33-5-503. Eligible subscribers — liability of representative. (1) Individuals, partnerships, and corporations of this state may make application, enter into agreement for, 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 state shall, in addition […]
33-5-404. Subscribers’ liability
33-5-404. Subscribers’ liability. (1) The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer must be an individual, several, and proportionate liability, and not joint liability. (2) Except as to a nonassessable policy, each subscriber must have a contingent assessment liability, in the amount provided for in the […]
33-5-405. Subscribers’ liability on judgment
33-5-405. Subscribers’ liability on judgment. (1) An action may not 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. (2) Any judgment described in subsection (1) is binding upon each subscriber only in the proportion that the subscriber’s interests may appear […]
33-5-406. Assessments
33-5-406. Assessments. (1) Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable for the assessment 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 in liquidation of the insurer. (2) Each subscriber’s share of a […]
33-5-407. Time limit for assessments
33-5-407. Time limit for assessments. Every subscriber of a domestic reciprocal insurer having contingent liability must be liable for and shall pay the subscriber’s share of any assessment, as computed and limited in accordance with this chapter, if: (1) while the subscriber’s policy is in force or within 1 year after its termination, the subscriber is notified […]
33-5-408. Aggregate liability
33-5-408. 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 the power of attorney or in the subscribers’ agreement, computed solely […]
33-5-409. Nonassessable policies
33-5-409. Nonassessable policies. (1) 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 similar kinds of insurance, upon application of the attorney and as approved by the subscribers’ advisory committee, the commissioner shall issue a certificate […]
33-5-410. Distribution of savings
33-5-410. Distribution of savings. 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 this shall not prevent retrospective rating, distribution on a retrospective plan, or distribution […]