If the assets of a reciprocal insurer are at any time insufficient to discharge its liabilities, other than any liability on account of funds contributed by the attorney or others, and to maintain the required surplus, its attorney shall forthwith make up the deficiency or levy an assessment upon the subscribers for the amount needed to make up the deficiency; but subject to the limitation set forth in the power of attorney or policy.

Terms Used In South Dakota Codified Laws 58-34-62

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney: as used in this chapter , refers to the attorney in fact of a reciprocal insurer. See South Dakota Codified Laws 58-34-3
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC

Source: SL 1966, ch 111, ch 19, § 30 (1).