[§431:10C‑305.5]  Right toreimbursement of deductible paid; when.  If an insured is involved in anaccident with an uninsured motorist and the insured paid a deductible amountfor damages incurred in that accident, and if the insurer recovers any money fromthe uninsured motorist, the insurer shall reimburse the insured, provided that:

(1)  The amount recovered shall be divided equallybetween the insured and the insurer;

(2)  The amount of the insured's reimbursement shallnot exceed the deductible paid; and

(3)  If the amount of damages exceeds $2,500, theinsurer shall:

(A)  Pay the full amount of the deductible tothe insured; or

(B)  Initiate proceedings against the uninsuredmotorist to recover damages. [L 1988, c 21, §1]