§431:4-314  Limitation on expenses incurredin writing property and casualty.  For any calendar year after its firsttwo full calendar years of operation, no domestic mutual insurer, other thanone issuing nonassessable policies, shall incur any costs or expense in thewriting or administration of property, accident and health or sickness, andcasualty insurances, other than boiler and machinery or elevator, transacted byit which, exclusive of losses paid, loss adjustment expenses, investmentexpenses, dividends, and taxes exceeds the sum of:

(1)  Forty per cent of the net premium income duringthat year after deducting therefrom net earned reinsurance premiums for theyear, plus

(2)  All of the reinsurance commissions received onreinsurance ceded by it. [L 1987, c 347, pt of §2; am L 2003, c 212, §35]