§ 58-8-30. Contingent liability of policyholders. - North Carolina Statutes

§58‑8‑30.  Contingent liability of policyholders.

Every insurance company shallin its bylaws and policies prescribe the contingent liability, if any, of itsmembers for the payment of losses, reserves and expenses not provided for byits assets, which contingent liability shall be in accordance with theprovisions of G.S. 58‑7‑75. Each member is liable for the paymentof his proportionate share of any assessments made by the company in accordancewith the law, his contract and the bylaws of the company on account of lossesincurred while he was a member, if he is notified of such assessment within oneyear after the expiration of his policy. When any reduction is made in thecontingent liability of members, it shall apply proportionately to all policiesin force. (1945, c. 386.)