380.441. Liability of members--suspension of company liability during delinquency of members. - Missouri Statutes

Liability of members--suspension of company liability duringdelinquency of members.

380.441. Each member of any company operating under theprovisions of sections 380.201 to 380.591 shall be liable inaccordance with the terms of his insurance contract or policy forhis pro rata share of the amount necessary to pay all losses andexpenses incurred during the time for which his respective policyis in force, and to create and maintain such guaranty fund as maybe deemed necessary by the directors of such company. A companymay in its articles of incorporation or bylaws provide for thesuspension of its liability for loss under any policy while anassessment payment is delinquent and the payment of suchassessment shall reinstate such policy only from the date of thereceipt of such payment but no deduction or credit shall be madein any assessment because of such suspension.

(L. 1984 H.B. 1498)

Effective 1-1-85