(a) A county mutual insurance company's bylaws must:
(1) state the time and manner of the levy and payment of a premium or assessment for
policies written by the company;
(2) in addition to the regular premium or assessment under Subdivision (1), establish
the contingent liability of a policyholder for all losses accrued while a policy is
in force in the amount of $2 for each $100 of insurance coverage; and
(3) state the time and manner of payment of a policyholder's contingent liability
established under Subdivision (2).
(b) As required by its bylaws, a county mutual insurance company shall establish and
levy premiums and assessments, including the contingent liability of a policyholder,
for all insurance written by the company.
(c) A policyholder shall pay premiums and assessments as required by the company's
(d) The premium or assessment for a policy shall be secured by a lien on each item
of real or personal property, other than a homestead, covered by the policy, including
the land on which an insured building is located. The lien remains on the property while the insured owns the property.
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