PART III. RESERVES AND VALUATION

 

§431:5-301  Unearned premium reserve. (a)  Every insurer shall maintain an unearned premium reserve on all policiesin force for:

(1)  Insurance against loss or damage to property,except as provided in section 431:5-302;

(2)  General casualty insurance;

(3)  Accident and health or sickness insurance, exceptas provided in section 431:5-303 and section 431:5-307; and

(4)  Surety insurance.

(b)  For purposes of this article,"unearned premium reserve" means the portions of the gross premiumsin force, less authorized reinsurance.

(c)  All reserves may be computed, at theinsurer's option, on a monthly or more frequent, pro rata basis.

(d)  After adopting any one of the methods forcomputing such reserve, an insurer shall not change methods without thecommissioner's approval. [L 1987, c 347, pt of §2; am L 1997, c 368, §4; am L2003, c 212, §39]