38.2-2513 - Withdrawal and exclusion of members. - Virginia Statutes

§ 38.2-2513. Withdrawal and exclusion of members.

A. Any member of a mutual assessment property and casualty insurer maywithdraw as a member at any time by giving at least thirty days' writtennotice to the insurer and paying his share of all losses against the insurerthat have occurred prior to the member's withdrawal and which have not beenfully reserved or for which surplus is inadequate. Upon this withdrawal themember shall be paid by the insurer any unearned premium, unearned fee orunearned assessment paid in advance.

B. Any member who neglects or refuses to pay an assessment or premium whendue may be excluded from membership for that or any other reason satisfactoryto a majority of the directors or the executive committee, or as the bylawsprescribe. The member shall remain liable for the payment of any assessmentsmade for losses that have occurred prior to his exclusion, and also for theamounts provided for in § 38.2-2522, if action is instituted within twelvemonths after the time the assessments become due.

(Code 1950, §§ 38-527, 38-537; 1952, c. 317, §§ 38.1-669.1, 38.1-670; 1986,c. 562.)