Section 58-34-42 - Time limit for levy of assessment

58-34-42. Time limit for levy of assessment.Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for, and shall pay his share of any assessment, as computed and limited in accordance with this chapter, if:(1)While his policy is in force or within one year after its termination, he is notified by either the attorney or the director of his intentions to levy such assessment; or(2)An order to show cause why a receiver, conservator, rehabilitator, or liquidator of the insurer should not be appointed is issued while his policy is in force or within one year after its termination. Source: SL 1966, ch 111, ch 19, §24.