§ 58-15-60. Subscribers' contingent liability. - North Carolina Statutes

§58‑15‑60.  Subscribers' contingent liability.

(a)        Each subscriberinsured under an assessable policy has a contingent assessment liability forpayment of actual losses and expenses incurred by the reciprocal while hispolicy was in force.  This liability is in the amount provided for in the powerof attorney or subscriber's agreement.

(b)        The contingentassessment liability on any one policy in any one calendar year equals thepremiums earned, as defined in G.S. 58‑15‑135, on the policy forthat year multiplied by not more than ten.

(c)        The contingentassessment liability is several and not joint.

(d)        Each assessablepolicy issued by the reciprocal shall plainly set forth a statement of thecontingent assessment liability on the front of the policy in capital letters,in contrasting color, and in no less than ten‑point type. (1989,c. 425, s. 1.)