(b) The contingent liability of a member of an advance premium corporation shall be subject to enforcement and collection by the corporation for the purpose of removing any impairment in the reserves required by this article. Such contingent liability shall apply only to such impairments which occur during the member's tenure as a policyholder.
(c) No assessment premised upon the contingent liability of members shall be made by any such corporation until after approval by the superintendent and shall, subject in all cases to the limitation contained in the contracts thereby affected, as to the maximum amount of such contingent liability, be in each case an amount equal to the member's proportionate share of such impairment.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.