§ 23-72-111 - Special provisions of pro rata assessment plan.
23-72-111. Special provisions of pro rata assessment plan.
In addition to the requirements under 23-72-109, the bylaws of a pro rata assessment plan insurer:
(1) Shall clearly provide the plan of calling assessments. They may provide for assessment of each group or circle for payment of its own claims, for the assessing of groups or circles in rotation, or for assessing any group or circle, or the entire membership, for the payment of any matured claim; and
(2) May provide for the collection of assessments in advance to be used for the payment of claims and expenses.