Insurance Law 7431 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7430 Levy of assessments; determination of liability of members up ARTICLE 74 Rehabilitation, Liquidation, Conservation and Dissolution of Insurers next SECTION 7432 Adjudication of insolvency of insurer; time to file claims Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7431 Determination of liability of members for other indebtedness Insurance (ISC) CHAPTER 28, ARTICLE 74 § 7431. Determination of liability of members for other indebtedness. (a) If it shall appear that a member of a domestic mutual insurer is indebted to such insurer, apart from his liability to assessment, the court may, upon the application of the superintendent, in any order under section seven thousand four hundred thirty of this article directing such member to show cause why he should not be held liable to pay an assessment, likewise direct him to show cause why he should not be held liable to pay such indebtedness. (b) The liability of such member for such indebtedness shall be determined in the same manner, and at the same time, as his liability for such assessment is determined, and the superintendent may have judgment therefor, without any additional costs.