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



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



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