Liability of Subscribers for Obligations of Insurer Generally; Contingent Liability Assessment

  1. Law
  2. Georgia Code
  3. Insurance
  4. Reciprocal Insurers
  5. Liability of Subscribers for Obligations of Insurer Generally; Contingent Liability Assessment

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  1. The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several, and proportionate liability, and not joint.
  2. Except as to a nonassessable policy, each subscriber shall have a contingent assessment liability, in the amount provided for in the power of attorney or in the subscribers' agreement, for payment of actual losses and expenses incurred while his policy was in force. The contingent liability may be at the rate of not less than one nor more than ten times the premium or premium deposit stated in the policy, and the maximum aggregate of contingent liability shall be computed in the manner set forth in Code Section 33-17-24.
  3. Each assessable policy issued by the insurer shall contain a statement of the contingent liability.

(Code 1933, § 56-2121, enacted by Ga. L. 1960, p. 289, § 1.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 43 Am. Jur. 2d, Insurance, §§ 75, 77.

C.J.S.

- 46A C.J.S., Insurance, § 2368 et seq.


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