(1) No action shall lie against any subscriber upon any obligation claimed against the insurer until a final judgment has been obtained against the insurer and remains unsatisfied for 30 days.
(2) Any such judgment shall be binding upon each subscriber only in such proportion as his or her interests may appear and in amount not exceeding his or her contingent liability, if any.
History.—s. 692, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 681, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 391, ch. 97-102.
Structure Florida Statutes
Chapter 629 - Reciprocal Insurers
629.011 - “Reciprocal Insurance” Defined.
629.021 - “Reciprocal Insurer” Defined.
629.041 - Insuring Powers of Reciprocals.
629.071 - Surplus Funds Required.
629.081 - Organization of Reciprocal Insurer.
629.091 - Certificate of Authority.
629.131 - Deposit in Lieu of Bond.
629.161 - Contributions to Insurer.
629.181 - Financial Condition; Method of Determining.
629.191 - Who May Be Subscribers.
629.201 - Subscribers’ Advisory Committee.
629.211 - Subscribers’ Liability.
629.221 - Subscribers’ Liability; on Judgment.
629.241 - Time Limit for Assessments.
629.251 - Aggregate Liability.
629.261 - Nonassessable Policies.
629.271 - Distribution of Savings.
629.281 - Subscribers’ Share in Assets.
629.291 - Merger or Conversion.