§ 10-12-110 — Mutual insurance companies - premiums and premium deposits

The policies shall provide for a premium or premium deposit payable in cash and,
except as provided in this section, for a contingent premium at least equal to the
premium or premium deposit. Such mutual company may issue a policy without a
contingent premium while it has a surplus equal to the capital required of a
domestic stock insurance company transacting the same kinds of insurance, and in
no event shall the holder of any such policy be liable for a greater amount than the
premium or premium deposit expressed in the policy. If at any time the admitted
assets are less than the reserve and other liabilities, the company shall immediately
collect upon policies with a contingent premium a sufficient proportionate part
thereof to restore such assets, but no member shall be liable for any part of such
contingent premium in excess of the amount demanded within one year after the
termination of the policy. The commissioner may, by written order, direct that
proceedings to restore such assets be deferred during the time fixed in such order.

Legislative History

Source: L. 21: p. 465, � 10. C.L. � 2566. CSA: C. 87, � 136. CRS 53: � 72-5-10. L. 55: p. 457, � 1. C.R.S. 1963: � 72-5-10.