Alaska Stat. § 21.69.430

Current through Chapter 61 of the 2024 Legislative Session and 2024 Executive Orders 125, 133 through 135
Section 21.69.430 - Contingent liability of mutual members
(a) Each member of a domestic mutual insurer shall, except as 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 expressed in the policy and be in the maximum amount that is specified in the insurer's articles of incorporation.
(b) Termination of the policy of the member does not relieve the member of contingent liability for the member's proportion, if any, of the obligations of the insurer that accrued while the policy was in force.
(c) Unrealized contingent liability of members does not constitute an asset of the insurer in a determination of its financial condition.

AS 21.69.430