- (1) Advance premiums. A county mutual insurer having a surplus over all liabilities of not less than $50,000, including a liability for unearned premiums, and for so long as such surplus is continuously maintained, such insurer may bill and collect assessments on the advance premium basis.
- (2) Return premium. Upon the termination of any policy of insurance during any effective policy year, the unearned premium shall be returned to a member policyholder in accordance with the rules for pro-rata and short rate cancelations applying to casualty insurance policies.
- (3) The limitations as to the emergency fund imposed by section 41-3112(3) shall not apply to a county mutual insurer qualifying under this section to collect premiums in advance.
[I.C., sec. 41-3112A, as added by 1965, ch. 277, sec. 1, p. 724.]