§58‑8‑45. Waiver of forfeiture in policies assigned or pledged;notice of assignment; payment of assessment or premium by assignee ormortgagee.
When any policy of insuranceis issued by any mutual insurance company or association other than life, organizedunder the laws of this State and such policy is assigned or pledged ascollateral security for the payment of a debt, such company or association, byits president and secretary or other managing officers, may insert in suchpolicy so assigned or pledged, or attach thereto as a rider thereon, aprovision or provisions to be approved by the Commissioner, whereby any or allconditions of the policy which work a suspension or forfeiture and especiallythe provisions of the statute which limits such corporation to insure onlyproperty of its members, may be waived in such case for the benefit of theassignee or mortgagee. In case any such company or association shall consent tosuch assignment of any policy or policies, or the proceeds thereof, it may neverthelessat any time thereafter, by its president and secretary or such other officer asmay be authorized by the board of directors, cancel such policy by giving theassignee or mortgagee not less than 10 days' notice in writing: Provided,however, a longer period may be agreed upon by the company or association andsuch assignee or mortgagee. And the president and secretary of such company orassociation, with the approval of the Commissioner, may agree with the assigneeor mortgagee upon an assessment or premium to be paid to the insurer in casethe insured shall not pay the same, which shall not be less than such a rate orsum of money as may be produced by the average assessments or premiums made orcharged by like company or association during a period of five years nextpreceding the year of such agreement and assignment. When an assignment is madeas herein provided the policy or policies so assigned or pledged, subject tothe conditions herein, shall remain in full force and effect for the benefit ofthe assignee or mortgagee, notwithstanding the title or ownership of theassured to the property insured, or to any interest therein, shall be in anymanner changed, transferred or encumbered. (Ex. Sess., 1920, c. 79; C.S.s. 6351(a); 1945, c. 386; 1991, c. 720, s. 4.)
§58‑8‑45. Waiver of forfeiture in policies assigned or pledged;notice of assignment; payment of assessment or premium by assignee ormortgagee.
When any policy of insuranceis issued by any mutual insurance company or association other than life, organizedunder the laws of this State and such policy is assigned or pledged ascollateral security for the payment of a debt, such company or association, byits president and secretary or other managing officers, may insert in suchpolicy so assigned or pledged, or attach thereto as a rider thereon, aprovision or provisions to be approved by the Commissioner, whereby any or allconditions of the policy which work a suspension or forfeiture and especiallythe provisions of the statute which limits such corporation to insure onlyproperty of its members, may be waived in such case for the benefit of theassignee or mortgagee. In case any such company or association shall consent tosuch assignment of any policy or policies, or the proceeds thereof, it may neverthelessat any time thereafter, by its president and secretary or such other officer asmay be authorized by the board of directors, cancel such policy by giving theassignee or mortgagee not less than 10 days' notice in writing: Provided,however, a longer period may be agreed upon by the company or association andsuch assignee or mortgagee. And the president and secretary of such company orassociation, with the approval of the Commissioner, may agree with the assigneeor mortgagee upon an assessment or premium to be paid to the insurer in casethe insured shall not pay the same, which shall not be less than such a rate orsum of money as may be produced by the average assessments or premiums made orcharged by like company or association during a period of five years nextpreceding the year of such agreement and assignment. When an assignment is madeas herein provided the policy or policies so assigned or pledged, subject tothe conditions herein, shall remain in full force and effect for the benefit ofthe assignee or mortgagee, notwithstanding the title or ownership of theassured to the property insured, or to any interest therein, shall be in anymanner changed, transferred or encumbered. (Ex. Sess., 1920, c. 79; C.S.s. 6351(a); 1945, c. 386; 1991, c. 720, s. 4.)
§58‑8‑45. Waiver of forfeiture in policies assigned or pledged;notice of assignment; payment of assessment or premium by assignee ormortgagee.
When any policy of insuranceis issued by any mutual insurance company or association other than life, organizedunder the laws of this State and such policy is assigned or pledged ascollateral security for the payment of a debt, such company or association, byits president and secretary or other managing officers, may insert in suchpolicy so assigned or pledged, or attach thereto as a rider thereon, aprovision or provisions to be approved by the Commissioner, whereby any or allconditions of the policy which work a suspension or forfeiture and especiallythe provisions of the statute which limits such corporation to insure onlyproperty of its members, may be waived in such case for the benefit of theassignee or mortgagee. In case any such company or association shall consent tosuch assignment of any policy or policies, or the proceeds thereof, it may neverthelessat any time thereafter, by its president and secretary or such other officer asmay be authorized by the board of directors, cancel such policy by giving theassignee or mortgagee not less than 10 days' notice in writing: Provided,however, a longer period may be agreed upon by the company or association andsuch assignee or mortgagee. And the president and secretary of such company orassociation, with the approval of the Commissioner, may agree with the assigneeor mortgagee upon an assessment or premium to be paid to the insurer in casethe insured shall not pay the same, which shall not be less than such a rate orsum of money as may be produced by the average assessments or premiums made orcharged by like company or association during a period of five years nextpreceding the year of such agreement and assignment. When an assignment is madeas herein provided the policy or policies so assigned or pledged, subject tothe conditions herein, shall remain in full force and effect for the benefit ofthe assignee or mortgagee, notwithstanding the title or ownership of theassured to the property insured, or to any interest therein, shall be in anymanner changed, transferred or encumbered. (Ex. Sess., 1920, c. 79; C.S.s. 6351(a); 1945, c. 386; 1991, c. 720, s. 4.)
