§ 83-31-27. Premiums.
88 words·~1 min read·
/ms/title-83-insurance/in-general/83-31-27·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The maximum premium payable by any member shall be expressed in the policy or in the application for the insurance. Such maximum premium may be a cash premium and an additional contingent premium not less than the cash premium, or may be solely a cash premium. No policy shall be issued for a cash premium without an additional contingent premium unless the company has a surplus which is not less in amount than the capital stock required of domestic stock insurance companies transacting the same kind of insurance.