58-35-38. Cash premium plan--Collection of premiums.

If transacting business on the cash premium plan, the insurer shall collect from each member before or at the effective date of the member's insurance the premium in such amount as the insurer deems will be adequate to cover losses and expenses incurred during the term of such insurance, or for a period of one year from the inception date of the policy, if same be written for a longer period than one year.

Source: SL 1966, ch 111, ch 17, § 6 (2).