§3869. Subscribers' liability on judgment
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.
[PL 1969, c. 132, §1 (NEW).]
2. Any such judgment is binding upon each subscriber only in such proportion as the subscriber's interests may appear and in amount not exceeding the subscriber's contingent liability, if any.
[RR 2021, c. 1, Pt. B, §316 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). RR 2021, c. 1, Pt. B, §316 (COR).
Structure Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 53: RECIPROCAL INSURERS
24-A §3851. "Reciprocal" insurance defined
24-A §3852. Scope of chapter -- existing insurers
24-A §3853. Insuring powers of reciprocals
24-A §3856. Organization of reciprocal insurer
24-A §3857. Certificate of authority
24-A §3861. Deposit in lieu of bond
24-A §3863. Service of process; judgment
24-A §3864. Contributions to insurer
24-A §3865. Financial conditions; method of determining
24-A §3866. Who may be subscribers
24-A §3867. Subscribers' advisory committee
24-A §3868. Subscribers' liability
24-A §3869. Subscribers' liability on judgment
24-A §3871. Time limit for assessments
24-A §3872. Aggregate liability
24-A §3873. Nonassessable policies
24-A §3874. Subscribers' share in assets