33-4-412. Obligations or assessments due -- losses payable. (1) Obligations or assessments of members for losses and expenses become due and payable at such time as may be provided in the bylaws of the insurer, and the insurer shall use due diligence to collect each obligation or assessment.
(2) Any valid claim for an insured loss against an insurer transacting business on the assessment plan shall not be payable by the insurer until 30 days after such obligations of the members are due and payable.
History: En. Sec. 516, Ch. 286, L. 1959; R.C.M. 1947, 40-4849.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 4. Farm Mutual Insurers
33-4-401. Surplus funds required
33-4-402. Members' liability -- limitation
33-4-406. Reserves -- cash premium plan
33-4-407. Profits or dividends
33-4-408. Deficiency of surplus
33-4-410. Losses -- notice -- adjustment
33-4-411. Arbitration -- committee -- compensation
33-4-412. Obligations or assessments due -- losses payable
33-4-413. Suit to collect obligations -- liability of directors or officers