380.461. Company may borrow to pay losses--assessment to pay loan.
Company may borrow to pay losses--assessment to pay loan.
380.461. The company may borrow money for the payment ofaccrued losses and expenses; but any sum necessary to pay theloan in full shall be included in the next assessment and theassessment shall be levied not later than twelve months after theincurring of the losses or expenses paid from the loan unlessotherwise permitted by the director.
(L. 1984 H.B. 1498)Effective 1-1-85