West Virginia Code § 33-22-9

Premiums, membership fees, assessments and dividends
Open in Lexace · Ask the AI about this section
(a) Such company shall collect from its members such initial fees or charges as its bylaws
provide.
(b) Any such company may levy assessments or collect premiums for the purpose of paying
losses and expenses already incurred, or for estimated future losses and expenses, and for
reserve or surplus fund purposes. The secretary of any such company shall notify every
member of the company of the amount due by a written or printed notice, mailed to the last-
known address of each member, stating the amount due the company from the member and
the time and place and to whom it shall be paid. Such payment suhall be made by the member
within sixty days from date of mailing such notice, or within a lesser period, as the bylaws
may provide. The company may maintain an action against atny member thereof to recover
all such assessments which he may neglect or refuse to pay when legally due and payable.
(c) Any such company issuing policies at rates other than uniform or class rates or levying
assessments on other than a uniform or class basisl shall as to such policies be a subscriber
to a rating organization licensed under the prsovisions of article twenty of this chapter.
(d) Such company may return to its membiers in the form of dividends or otherwise savings
or earnings of such company. g

‹ Prev All West Virginia sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.