Section 16-7-10 - Joint liability for plan business(a) In the event of the failure of any member, through insolvency or otherwise, to pay promptly its portion of any loss or expense after the board of directors shall have made written demand upon it to pay the loss or expense, the board shall report the delinquency to the insurance commissioner for appropriate action.(b) If the loss or expense remains unpaid beyond a reasonable period, all of the other members, upon notification by the board, shall promptly pay their respective shares, each contributing its respective share as provided in section 16-7-3 with the basis of sharing adjusted to exclude the premiums written of the member in default. Members which have made contributions shall have the right of recovery therefor against the member in default, provided, the board of directors may enter into an agreement with any such member in default, or with the legal representative thereof, upon an amount which shall constitute a full settlement of all of the obligations of said member to the remaining members.[Eff 6/22/81] (Auth: HRS § 435C-2) (Imp: HRS § 435C-3)