(a) The liability of each member for obligations of the commercial self-insurance fund shall be individual, several, and proportionate, but not joint, except as provided in this section and section 1487 of this chapter.
(b) Each member shall have a contingent assessment liability for payment of actual losses and expenses incurred while his policy was in force.
(c) Each policy issued by the fund shall contain a statement of the contingent liability. Both the application for insurance and the policy shall contain, in contrasting color and in not less than ten point type, the following statements: “This is a fully assessable policy. In the event the fund is unable to pay its obligations, policyholders will be required to contribute on a pro rata earned premium basis the money necessary to meet any unfilled obligations.”