§ 10-12-408 — Liability of members

Colorado § 10-12-408

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Mutual Insurance

Text

(1) A member of a mutual insurance
company organized under this article is not liable to any other member, to the
company, or to any creditor of the company for the payment of losses or expenses
of the company beyond payment of premiums for insurance issued to such member,
nor may any member be assessed for any liability of the company.

(2) A mutual insurance company may, if permitted by its articles of
incorporation or bylaws and if provision therefor is clearly disclosed to its members
on the face of the policy, make contingent premium assessments on its members.

(3) No person is liable for any obligation arising from membership unless the
person was admitted to membership upon the person's application or with the
person's consent.

Legislative History

Source: L. 91: Entire part added, p. 1220, � 1, effective May 24.