O.C.G.A.

O.C.G.A. § 33-14-68 (2019)

Contingent liability of members

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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(a) Each member of a domestic mutual insurer shall, except as provided in Code Section 33-14-71 with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability shall be in the maximum amount stated in the insurer’s charter.

(b) Each policy issued by the insurer shall contain a statement of the contingent liability, if any, of its members.

(c) Termination of the policy of any member shall not relieve the member of contingent liability for his proportion, if any, of the obligations of the insurer which accrued while the policy was in force.

(d) Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.

History

Ga. L. 1893, p. 73, § 20; Civil Code 1895, § 2029; Civil Code 1910, § 2411; Code 1933, § 56-230; Code 1933,

§ 56-1527, enacted by Ga. L. 1960, p. 289, § 1.

Annotations

RESEARCH REFERENCES Am. Jur. 2d. - 43 Am. Jur. 2d, Insurance, § 77. C.J.S. - 44 C.J.S., Insurance, §§ 186, 192 et seq.

ALR. - Liability of policyholders in mutual insurance companies to assessments, 137 A.L.R. 945.

Notes of Decisions

Cited in 1 case, 2001–2001 · leading case: Chambers v. Gwinnett Cmty. Hosp., Inc., 557 S.E.2d 412 (Ga. Ct. App. 2001).

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Chambers v. Gwinnett Cmty. Hosp., Inc., 557 S.E.2d 412 (Ga. Ct. App. 2001). · cites it 4× “OCGA § 33-14-68. But under the second type of policy, a nonassessable policy, the mutual insurance company may eliminate all the contingent liability of its members.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.