Montana Statutes
§ 33-5-404 — Subscribers' Liability
33-5-404 . Subscribers' liability.
(1)The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer must be an individual, several, and proportionate liability, and not joint liability.
(2)Except as to a nonassessable policy, each subscriber must have a contingent assessment liability, in the amount provided for in the power of attorney or in the subscribers' agreement, for payment of actual losses and expenses incurred while the subscriber's policy was in force. The contingent liability may be at the rate of not less than 1 or more than 10 times the premium or premium deposit stated in the policy, and the maximum aggregate contingent liability must be computed in the manner set forth in 33-5-406 .
(3)Each assessable policy issu
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Legislative History
En. Sec. 556, Ch. 286, L. 1959; R.C.M. 1947, 40-5019; amd. Sec. 1160, Ch. 56, L. 2009.
Nearby Sections
15
§ 33-5-101
Scope Of Chapter -- Existing Insurers§ 33-5-102
Definitions§ 33-5-103
Name -- Suits§ 33-5-104
Attorney -- Not Doing Business§ 33-5-201
Organization Of Reciprocal Insurer§ 33-5-202
Merger Or Conversion§ 33-5-301
Power Of Attorney§ 33-5-302
Modifications§ 33-5-303
Attorney's Bond§ 33-5-304
Action On Bond§ 33-5-401
Surplus Funds Required§ 33-5-402
Contributions To Insurer§ 33-5-404
Subscribers' Liability