Missouri Laws 379.095 – Assessment of premium notes
1. The board of directors of every mutual insurance company organized under the provisions of sections 379.010 to 379.160 shall have the power, as often as they shall deem it necessary in order to settle the losses insured against, and the expenses and other liabilities of the company, to make an assessment upon the premium notes given by persons effecting insurance of the company.
2. Such assessment shall be made upon each and every note held by the company at the time of the assessment, and which has been in existence for one year prior to the date of the assessment, and shall be for a sum upon each note which bears the same ratio to the whole amount to be raised by the assessment that the full sum for which such note was given bears to the full amount for which all the notes assessed were given.
Terms Used In Missouri Laws 379.095
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
3. The amount so assessed upon each note shall be due and payable within thirty days after the publication of a notice of such assessment, and after written notice of the same to the maker of such note has been deposited in the post office, postage prepaid, or delivered to him in person; and the amount of said assessment, when paid, shall in every case be endorsed upon said note at the time of the payment.
4. The publication of the above notice shall be made in some newspaper of general circulation, published in the county or city where said company shall have its principal office, and shall set forth the full aggregate amount for which all the premium notes held by the company were given, upon which the assessment is made, the amount of losses adjusted and unpaid, the amount of losses claimed but unadjusted, giving the names of claimants, the amount of expenses accrued and unpaid, and the amount of cash on hand.
5. If any person shall neglect or refuse to pay the sum so assessed upon him, for thirty days after the publication and mailing or delivery of said notices, the directors of said company may sue for and recover the whole amount of his premium note held by the company, with costs of suit.
6. No person shall, in any case, be liable upon any premium note on account of any and all claims and assessments upon the same for an amount greater than the face of such note.