West Virginia § 33-5-13 Contingent liability of mutual members

West Virginia Statutes

§ 33-5-13 — Contingent liability of mutual members

West Virginia § 33-5-13

Ch. 33Â INSURANCE

Art. 5ORGANIZATION AND PROCEDURES OF DOMESTIC STOCK AND MUTUAL INSURERS

This text of West Virginia § 33-5-13 (Contingent liability of mutual members) is published on Counsel Stack Legal Research, covering West Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

W. Va. Code § 33-5-13 (2026).

Text

(a)Each member of a domestic mutual insurer shall, except as otherwise hereinafter provided with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability shall be in such maximum amount as is stated in the insurer's articles of incorporation.

(b)Each policy issued by the insurer shall contain a statement of the contingent liability, if any, of its members.

(c)Termination of the policy of any such member shall not relieve the member of contingent liability for his proportion, if any, of the obligations of the insurer which accrued while the policy was in force.

(d)Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its fi

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Each member of a domestic mutual insurer shall, except as otherwise hereinafter provided with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability shall be in such maximum amount as is stated in the insurer's articles of incorporation.

(b) Each policy issued by the insurer shall contain a statement of the contingent liability, if any, of its members.

(c) Termination of the policy of any such member shall not relieve the member of contingent liability for his proportion, if any, of the obligations of the insurer which accrued while the policy was in force.

(d) Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.