Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 14. DOMESTIC STOCK AND MUTUAL INSURERS · Article 3. DOMESTIC MUTUAL INSURERS

33-14-68. Contingent liability of members.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(a)
Each member of a domestic mutual insurer shall, except as provided in Code Section 33-14-71 with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability shall be in the maximum amount stated in the insurer’s charter.#
(b)
Each policy issued by the insurer shall contain a statement of the contingent liability, if any, of its members.#
(c)
Termination of the policy of any member shall not relieve the member of contingent liability for his proportion, if any, of the obligations of the insurer which accrued while the policy was in force.#
(d)
Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Ga. L. 1893, p. 73, § 20; Civil Code 1895, § 2029; Civil Code 1910, § 2411; Code 1933, § 56-230; Code 1933, § 56-1527, enacted by Ga. L. 1960, p. 289, § 1.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t33-ch1-22-(v24)-2020-pdf.pdf, Volume V24, 2020 edition, page 693; merge action: carried; file SHA-256 4ecec175d949.

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