33-4-413. Suit to collect obligations -- liability of directors or officers. (1) An insurer may institute a suit against any member of such insurer if the member fails to pay when due any obligation or liability of the member given such insurer under the provisions of this chapter.
(2) The directors or officers of an insurer are liable in their individual capacity to the person sustaining an insured loss if they willfully refuse or neglect to perform the duties imposed upon them by the provisions of this section.
History: En. Sec. 517, Ch. 286, L. 1959; R.C.M. 1947, 40-4850.
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