Louisiana Revised Statutes 22:174 – Subscribers’ liability
Terms Used In Louisiana Revised Statutes 22:174
- Contract: A legal written agreement that becomes binding when signed.
- subscriber: means the participant or policyholder; "attorney-in-fact" means the representative of the subscribers through whom reciprocal insurance is exchanged; and "reciprocal insurer" means the organization or group of all the subscribers. See Louisiana Revised Statutes 22:161
A. Except as to non-assessable policies, any contract of insurance exchanged pursuant to this Subpart shall provide for a contingent several liability of the subscriber for payment of actual losses and expenses incurred while such contract was in force. Such contingent liability shall be in an amount as specified in the declaration of organization.
B. Each assessable policy issued by the insurer shall plainly set forth a statement of the contingent liability.
C. The contingent liability of each subscriber for the obligations of the reciprocal insurer shall not be joint, but shall be individual and several.
Acts 1958, No. 125; Redesignated from La. Rev. Stat. 22:445 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
NOTE: Former La. Rev. Stat. 22:174 redesignated as La. Rev. Stat. 22:961 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.