317(1)All assessments on premium notes shall be made by the board with the approval of the Superintendent and, subject to the provisions of section 318, such assessments shall be made at such intervals and for such sums as the board determines and the Superintendent approves to be necessary to meet losses, expenses and reserve of the insurer during the currency of the policies for which the notes were given and every insured shall pay the assessments from time to time payable by him to the insurer during the continuance of his policy.

317(2)Notice of the assessment shall be mailed by the insurer to each member, directed to his post office address as given in his application, or in writing to the insurer, and to each encumbrancer of the property insured known to the insurer and such assessment shall become payable thirty days after the mailing of such notice.

317(3)A notice of assessment shall include the number of the policy, the period over which the assessment extends, the amount of the assessment, and the time when and the place where payable, and shall be in a form approved by the Superintendent.