1. The maximum premium payable by any member shall be expressed in the policy or in the application for the insurance.
2. Such maximum premium may be a cash premium and an additional contingent premium not less than the cash premium, or may be solely a cash premium.
3. No policy shall be issued for a cash premium without an additional contingent premium unless the company has a surplus of at least one hundred thousand dollars or a surplus which is not less in amount than the capital stock required of domestic stock insurance companies transacting the same kinds of insurance.