40-1505. Recovery of assessments; limitation of liability of member. If any member shall for the space of thirty days after receiving notice, neglect or refuse to pay the sum assessed against him, the company may sue for and recover the amount of his deposit note or notes, with cost of suit; but execution shall only issue for assessments and costs as they accrue. If the assets of the company shall be insufficient to pay the losses due the members, in any one year, such members shall receive as payment in full for their respective losses a proportionate share of the assets of the company: Provided, That in calculating the pro rata amount to be paid each member on account of his loss, the total amount of the salaries and commissions heretofore paid any officer of the company, during such year, shall be considered as a part of the assets of the company and such officer shall receive the same proportionate share of his salary and commissions as the members receive of their claims and shall be liable to the company for any salary and commissions in excess of the amount of his proportionate share of such salary and commissions as aforesaid. The commissioner of insurance shall not renew the certificate of authority of such company until the provisions of this section have been fully complied with: Provided further, That no member shall be liable to such a company for more than the whole amount of his premium.
History: L. 1927, ch. 231, 40-1505; June 1.
Structure Kansas Statutes
Article 15 - Mutual Hail Insurance Companies
40-1501 Formation of companies; membership fee.
40-1503 Application for insurance; premium; insured as members of company.
40-1504 Assessments; adjustment and payment of losses; losses paid when adjusted, when.
40-1505 Recovery of assessments; limitation of liability of member.
40-1506 Reserve fund; investment.
40-1507 Annual meeting; voting of members.
40-1508 Officers; election; term.
40-1509 Meetings of directors.
40-1511 Directors; election; vacancy.
40-1512 Policies; liability; membership.
40-1513 Misrepresentations by assured.
40-1514 Withdrawal by policyholder.
40-1515 Uniform rates for same class of risks.
40-1516 Unlawful acts of foreign companies; reinsurance therewith by domestic company prohibited.
40-1517 Attorney's fee in actions.