(a) This section applies only to an association operating on an assessment-as-needed
(b) If the members' payments on insurance certificates issued and in force before
May 12, 1939, or on the reinsurance or renewals of those certificates, are not sufficient
to pay matured death and disability claims in the maximum amount stated in the certificates
and to provide for the creation and maintenance of the funds required by the association's
bylaws, the association may, with the commissioner's approval and after proper hearing
before the commissioner, provide for meeting the deficiency by additional, increased,
or extra rates of payment.
(c) The association may give the members the option of agreeing to reduced maximum
benefits or making increased payments.
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