58-5-32. Levy of assessment by mutual insurer for contingent liability.
88 words·~1 min read·
/sd/title-58/chapter-58-5/58-5-32A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If at any time the minimum basic surplus required of a domestic mutual insurer by §§ 58-5-21 and 58-5-22 becomes impaired and the deficiency is not cured from other sources, its directors shall forthwith levy an assessment upon only its members who held policies providing for contingent liability at any time within the twelve months preceding the date that notice of such assessment was mailed to the members' last known post office addresses, and such members shall be liable thereafter to the insurer for the amount so assessed.