733.070 Unearnedpremium reserve for marine and transportation insurance trip risks
733.080 Reservesfor health insurance
733.090 Unearnedpremium reserve and fund for title insurance
733.095 Unearnedpremium reserve for home protection insurance
733.100 Contingencyreserve liability for mortgage insurance
733.115 Establishingreserves for variable life insurance and annuity policies
733.140 Disallowanceof “wash” transactions
733.150 Alternativeaccounting for assets and liabilities
733.160 Valuationof assets other than securities
733.165 Valuationof securities
733.170 Accountsand records
733.210 Director’sdeterminations
733.220 Establishmentand regulation of separate accounts to fund life insurance or annuities
733.230 Transactionsof separate accounts registered with Securities and Exchange Commission;application of laws and rules to members of separate account managementcommittee
STANDARDVALUATION LAW
733.300 Shorttitle
733.302 Reservevaluation method for life insurance policies and annuity and pure endowmentcontracts
733.304 Opinionof actuary; rules
733.306 Computationof minimum standards for life insurance, industrial insurance, annuities andpure endowment contracts; rules
733.308 Computationof minimum standard for annuities and pure endowment contracts; rules
733.310 Interestrates for determining minimum standard for valuation
733.312 Amountof required reserves for life insurance policies
733.314 Amountof required reserves for certain annuity and pure endowment contracts
733.316 Aggregatereserves
733.318 Alternativestandards of valuation
733.320 Minimumrequired reserve for certain policies
733.322 Calculationof reserves for plans for which minimum reserves cannot be determined under ORS733.312, 733.314 or 733.320; rules
INVESTMENTS
733.510 Investmentsof insurers; rules
733.520 Currentoperating requirements exempted
733.530 “Corporation,”“sovereign,” “political subdivision” defined
733.540 “Obligation”defined
733.550 “Amplysecured obligation” defined
733.560 “Unencumbered”defined
733.570 “Improvedreal property” defined
733.575 Prohibiteduse of funds as compensating balances
733.578 Conditionsnecessary for investments used to provide compensating balances
733.580 Investmentof required capitalization
733.590 Investmentin obligations of sovereign, political subdivision thereof or corporation
733.600 Investmentin mortgage loans
733.610 Investmentin real property
733.620 Investmentin stocks of corporation
733.630 Investmentin securities or obligations of certain corporations
733.635 Approvedactivities of corporations in which investments authorized
733.640 Lendingfunds; limitations on loans
733.650 Investmentof funds in certain obligations and other specified items
733.652 Investmentof funds of separate accounts
733.654 Limitationon amount of separate account investments; exceptions
733.656 Limitationon securities owned or controlled by separate account investments
733.658 Applicabilityof separate account investment limitations
733.670 Investmentof funds under “prudent investor” standard
733.680 Acquisitionand retention of personal property generally; purchases or loans for protectionof investment property
733.685 Investmentof funds by home protection insurer; rules
733.690 Investmentof funds in title plant
733.695 Investmentof funds in obligations that are not investment quality; rules
733.700 Investmentof funds in health care service facilities
733.710 Investmentsauthorized by prior law; date of eligibility of investment
733.720 Investmentssubject to additional limitations and requirements
733.730 Approvalby board of directors of investments and deposits
733.740 Recordof investments required
733.750 Disposalof investments on order of director
733.760 Insurancerequired on buildings on property which is security for loan
733.770 Limitationson investments in property of any one person or single parcel of real estate
733.780 Prohibitedinvestments
ACCOUNTING
733.010Assets allowed.In any determination of the financial condition of an insurer, there shall beallowed as assets only such assets as are owned by the insurer and whichconsist of:
(1)Cash in the possession or control of the insurer, including the true balance ofany deposit in a solvent bank or trust company.
(2)Investments held in accordance with the Insurance Code, and due or accruedincome items in connection therewith to the extent considered by the Directorof the Department of Consumer and Business Services to be collectible.
(3)Premium notes, policy loans, liens and other like policy assets on lifeinsurance policies and accrued interest thereon, in an amount not exceeding theloan value of the policy.
(4)Due premiums, deferred premiums, installment premiums, and written obligationstaken for premiums, to the extent allowed by the director.
(5)The amount recoverable from a reinsurer if credit for reinsurance may beallowed to the insurer under ORS 731.509 or 731.510 and amounts receivable onassumed reinsurance representing funds withheld by a solvent ceding insurerunder a reinsurance treaty.
(6)Deposits or equities recoverable from underwriting associations, syndicates andreinsurance funds, or from any suspended banking institution, to the extentdeemed by the director to be available for the payment of losses and claims.
(7)Other assets considered by the director to be available for the payment oflosses and claims, at values determined by the director. [1967 c.359 §208; 1971c.321 §18; 1979 c.818 §1; 1993 c.447 §69; 2001 c.318 §7]
733.020Assets not allowed.In addition to assets impliedly excluded by ORS 733.010, the followingexpressly shall not be allowed as assets in any determination of the financialcondition of an insurer:
(1)Advances to officers, other than policy loans, whether secured or not, andadvances to employees, agents and other persons on personal security only.
(2)Stock of such insurer owned by it, or any material equity therein or loanssecured thereby, or any material proportionate interest in such stock acquiredor held through the ownership by such insurer of an interest in another firm,corporation or business unit.
(3)Tangible personal property, except such property as the insurer is otherwisepermitted to acquire and retain as an investment under the Insurance Code andwhich is deemed by the Director of the Department of Consumer and BusinessServices to be available for the payment of losses and claims or which isotherwise expressly allowable, in whole or in part, as an asset.
(4)The amount, if any, by which the book value of any investment as carried in theledger assets of the insurer exceeds the value thereof as determined under theInsurance Code. [1967 c.359 §209; 2001 c.318 §8]
733.030Liabilities in general. In any determination of the financial condition ofan insurer, liabilities to be charged against its assets shall be calculated inaccordance with the Insurance Code and shall include:
(1)The amount necessary to pay all of its unpaid losses and claims incurred on orprior to the date of the statement, whether reported or unreported to theinsurer, together with the expenses of adjustment or settlement thereof.
(2)For insurance other than specified in subsections (3) and (4) of this section,the amount of reserves equal to the unearned portions of the gross premiumscharged on policies in force, calculated in accordance with the Insurance Code.
(3)For life insurance policies:
(a)Reserves on life insurance benefits, valued according to the tables ofmortality, rates of interest, and valuation methods applicable thereto whichare adopted pursuant to the Insurance Code.
(b)Reserves for disability benefits, for both active and disabled lives.
(c)Reserves for accidental death benefits.
(d)Any additional reserves considered to be necessary by the Director of theDepartment of Consumer and Business Services.
(4)For health insurance policies, the amount of reserves required pursuant to ORS733.080.
(5)Taxes, expenses and other obligations due or accrued at the date of thestatement.
(6)Any additional reserves for asset valuation contingencies or loss contingenciesrequired by the Insurance Code or considered to be necessary by the directorfor the protection of policyholders and stockholders of the insurer. [1967c.359 §210]
733.040Reinsurance credit.The Director of the Department of Consumer and Business Services shall disallowreinsurance as credit against the liabilities of a ceding insurer if creditagainst the liabilities of the ceding insurer is not allowed as a credit to theceding insurer under ORS 731.509 or 731.510. [1967 c.359 §211; 1993 c.447 §70]
733.050Increase of inadequate reserves. If the Director of the Department ofConsumer and Business Services determines that an insurer’s reserves, howevercalculated or estimated, are inadequate, the director shall require the insurerto maintain reserves in such additional amount as is needed to make themadequate. [1967 c.359 §212]
733.060Unearned premium reserve. (1) Every insurer shall maintain an unearnedpremium reserve on all policies in force.
(2)The Director of the Department of Consumer and Business Services may requirethat such reserves shall be equal to the unearned portions of the grosspremiums in force as calculated pro rata on each respective risk from thepolicy’s date of issue. In the absence of such requirement, the unearnedpremium reserve shall be equal to the pro rata unearned portions of the grosspremiums in force as calculated by an approximation method approved by thedirector. After adopting a method of computing such reserves, an insurer shallnot change methods without approval of the insurance supervisory official ofthe insurer’s domicile.
(3)This section does not apply to:
(a)Marine and transportation insurance on trip risks not terminated.
(b)Health insurance.
(c)Title insurance.
(d)Home protection insurance under policies issued by a home protection insurer.
733.070Unearned premium reserve for marine and transportation insurance trip risks. As to marineand transportation insurance, the entire amount of premiums on trip risks notterminated shall be deemed unearned. The Director of the Department of Consumerand Business Services may require the insurer to carry a reserve equal to 100percent of premiums on trip risks written during the month ended as of the dateof statement. [1967 c.359 §214]
733.070 Unearnedpremium reserve for marine and transportation insurance trip risks
733.080 Reservesfor health insurance
733.090 Unearnedpremium reserve and fund for title insurance
733.095 Unearnedpremium reserve for home protection insurance
733.100 Contingencyreserve liability for mortgage insurance
733.115 Establishingreserves for variable life insurance and annuity policies
733.140 Disallowanceof “wash” transactions
733.150 Alternativeaccounting for assets and liabilities
733.160 Valuationof assets other than securities
733.165 Valuationof securities
733.170 Accountsand records
733.210 Director’sdeterminations
733.220 Establishmentand regulation of separate accounts to fund life insurance or annuities
733.230 Transactionsof separate accounts registered with Securities and Exchange Commission;application of laws and rules to members of separate account managementcommittee
STANDARDVALUATION LAW
733.300 Shorttitle
733.302 Reservevaluation method for life insurance policies and annuity and pure endowmentcontracts
733.304 Opinionof actuary; rules
733.306 Computationof minimum standards for life insurance, industrial insurance, annuities andpure endowment contracts; rules
733.308 Computationof minimum standard for annuities and pure endowment contracts; rules
733.310 Interestrates for determining minimum standard for valuation
733.312 Amountof required reserves for life insurance policies
733.314 Amountof required reserves for certain annuity and pure endowment contracts
733.316 Aggregatereserves
733.318 Alternativestandards of valuation
733.320 Minimumrequired reserve for certain policies
733.322 Calculationof reserves for plans for which minimum reserves cannot be determined under ORS733.312, 733.314 or 733.320; rules
INVESTMENTS
733.510 Investmentsof insurers; rules
733.520 Currentoperating requirements exempted
733.530 “Corporation,”“sovereign,” “political subdivision” defined
733.540 “Obligation”defined
733.550 “Amplysecured obligation” defined
733.560 “Unencumbered”defined
733.570 “Improvedreal property” defined
733.575 Prohibiteduse of funds as compensating balances
733.578 Conditionsnecessary for investments used to provide compensating balances
733.580 Investmentof required capitalization
733.590 Investmentin obligations of sovereign, political subdivision thereof or corporation
733.600 Investmentin mortgage loans
733.610 Investmentin real property
733.620 Investmentin stocks of corporation
733.630 Investmentin securities or obligations of certain corporations
733.635 Approvedactivities of corporations in which investments authorized
733.640 Lendingfunds; limitations on loans
733.650 Investmentof funds in certain obligations and other specified items
733.652 Investmentof funds of separate accounts
733.654 Limitationon amount of separate account investments; exceptions
733.656 Limitationon securities owned or controlled by separate account investments
733.658 Applicabilityof separate account investment limitations
733.670 Investmentof funds under “prudent investor” standard
733.680 Acquisitionand retention of personal property generally; purchases or loans for protectionof investment property
733.685 Investmentof funds by home protection insurer; rules
733.690 Investmentof funds in title plant
733.695 Investmentof funds in obligations that are not investment quality; rules
733.700 Investmentof funds in health care service facilities
733.710 Investmentsauthorized by prior law; date of eligibility of investment
733.720 Investmentssubject to additional limitations and requirements
733.730 Approvalby board of directors of investments and deposits
733.740 Recordof investments required
733.750 Disposalof investments on order of director
733.760 Insurancerequired on buildings on property which is security for loan
733.770 Limitationson investments in property of any one person or single parcel of real estate
733.780 Prohibitedinvestments
ACCOUNTING
733.010Assets allowed.In any determination of the financial condition of an insurer, there shall beallowed as assets only such assets as are owned by the insurer and whichconsist of:
(1)Cash in the possession or control of the insurer, including the true balance ofany deposit in a solvent bank or trust company.
(2)Investments held in accordance with the Insurance Code, and due or accruedincome items in connection therewith to the extent considered by the Directorof the Department of Consumer and Business Services to be collectible.
(3)Premium notes, policy loans, liens and other like policy assets on lifeinsurance policies and accrued interest thereon, in an amount not exceeding theloan value of the policy.
(4)Due premiums, deferred premiums, installment premiums, and written obligationstaken for premiums, to the extent allowed by the director.
(5)The amount recoverable from a reinsurer if credit for reinsurance may beallowed to the insurer under ORS 731.509 or 731.510 and amounts receivable onassumed reinsurance representing funds withheld by a solvent ceding insurerunder a reinsurance treaty.
(6)Deposits or equities recoverable from underwriting associations, syndicates andreinsurance funds, or from any suspended banking institution, to the extentdeemed by the director to be available for the payment of losses and claims.
(7)Other assets considered by the director to be available for the payment oflosses and claims, at values determined by the director. [1967 c.359 §208; 1971c.321 §18; 1979 c.818 §1; 1993 c.447 §69; 2001 c.318 §7]
733.020Assets not allowed.In addition to assets impliedly excluded by ORS 733.010, the followingexpressly shall not be allowed as assets in any determination of the financialcondition of an insurer:
(1)Advances to officers, other than policy loans, whether secured or not, andadvances to employees, agents and other persons on personal security only.
(2)Stock of such insurer owned by it, or any material equity therein or loanssecured thereby, or any material proportionate interest in such stock acquiredor held through the ownership by such insurer of an interest in another firm,corporation or business unit.
(3)Tangible personal property, except such property as the insurer is otherwisepermitted to acquire and retain as an investment under the Insurance Code andwhich is deemed by the Director of the Department of Consumer and BusinessServices to be available for the payment of losses and claims or which isotherwise expressly allowable, in whole or in part, as an asset.
(4)The amount, if any, by which the book value of any investment as carried in theledger assets of the insurer exceeds the value thereof as determined under theInsurance Code. [1967 c.359 §209; 2001 c.318 §8]
733.030Liabilities in general. In any determination of the financial condition ofan insurer, liabilities to be charged against its assets shall be calculated inaccordance with the Insurance Code and shall include:
(1)The amount necessary to pay all of its unpaid losses and claims incurred on orprior to the date of the statement, whether reported or unreported to theinsurer, together with the expenses of adjustment or settlement thereof.
(2)For insurance other than specified in subsections (3) and (4) of this section,the amount of reserves equal to the unearned portions of the gross premiumscharged on policies in force, calculated in accordance with the Insurance Code.
(3)For life insurance policies:
(a)Reserves on life insurance benefits, valued according to the tables ofmortality, rates of interest, and valuation methods applicable thereto whichare adopted pursuant to the Insurance Code.
(b)Reserves for disability benefits, for both active and disabled lives.
(c)Reserves for accidental death benefits.
(d)Any additional reserves considered to be necessary by the Director of theDepartment of Consumer and Business Services.
(4)For health insurance policies, the amount of reserves required pursuant to ORS733.080.
(5)Taxes, expenses and other obligations due or accrued at the date of thestatement.
(6)Any additional reserves for asset valuation contingencies or loss contingenciesrequired by the Insurance Code or considered to be necessary by the directorfor the protection of policyholders and stockholders of the insurer. [1967c.359 §210]
733.040Reinsurance credit.The Director of the Department of Consumer and Business Services shall disallowreinsurance as credit against the liabilities of a ceding insurer if creditagainst the liabilities of the ceding insurer is not allowed as a credit to theceding insurer under ORS 731.509 or 731.510. [1967 c.359 §211; 1993 c.447 §70]
733.050Increase of inadequate reserves. If the Director of the Department ofConsumer and Business Services determines that an insurer’s reserves, howevercalculated or estimated, are inadequate, the director shall require the insurerto maintain reserves in such additional amount as is needed to make themadequate. [1967 c.359 §212]
733.060Unearned premium reserve. (1) Every insurer shall maintain an unearnedpremium reserve on all policies in force.
(2)The Director of the Department of Consumer and Business Services may requirethat such reserves shall be equal to the unearned portions of the grosspremiums in force as calculated pro rata on each respective risk from thepolicy’s date of issue. In the absence of such requirement, the unearnedpremium reserve shall be equal to the pro rata unearned portions of the grosspremiums in force as calculated by an approximation method approved by thedirector. After adopting a method of computing such reserves, an insurer shallnot change methods without approval of the insurance supervisory official ofthe insurer’s domicile.
(3)This section does not apply to:
(a)Marine and transportation insurance on trip risks not terminated.
(b)Health insurance.
(c)Title insurance.
(d)Home protection insurance under policies issued by a home protection insurer.
733.070Unearned premium reserve for marine and transportation insurance trip risks. As to marineand transportation insurance, the entire amount of premiums on trip risks notterminated shall be deemed unearned. The Director of the Department of Consumerand Business Services may require the insurer to carry a reserve equal to 100percent of premiums on trip risks written during the month ended as of the dateof statement. [1967 c.359 §214]
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733.070 Unearnedpremium reserve for marine and transportation insurance trip risks
733.080 Reservesfor health insurance
733.090 Unearnedpremium reserve and fund for title insurance
733.095 Unearnedpremium reserve for home protection insurance
733.100 Contingencyreserve liability for mortgage insurance
733.115 Establishingreserves for variable life insurance and annuity policies
733.140 Disallowanceof “wash” transactions
733.150 Alternativeaccounting for assets and liabilities
733.160 Valuationof assets other than securities
733.165 Valuationof securities
733.170 Accountsand records
733.210 Director’sdeterminations
733.220 Establishmentand regulation of separate accounts to fund life insurance or annuities
733.230 Transactionsof separate accounts registered with Securities and Exchange Commission;application of laws and rules to members of separate account managementcommittee
STANDARDVALUATION LAW
733.300 Shorttitle
733.302 Reservevaluation method for life insurance policies and annuity and pure endowmentcontracts
733.304 Opinionof actuary; rules
733.306 Computationof minimum standards for life insurance, industrial insurance, annuities andpure endowment contracts; rules
733.308 Computationof minimum standard for annuities and pure endowment contracts; rules
733.310 Interestrates for determining minimum standard for valuation
733.312 Amountof required reserves for life insurance policies
733.314 Amountof required reserves for certain annuity and pure endowment contracts
733.316 Aggregatereserves
733.318 Alternativestandards of valuation
733.320 Minimumrequired reserve for certain policies
733.322 Calculationof reserves for plans for which minimum reserves cannot be determined under ORS733.312, 733.314 or 733.320; rules
INVESTMENTS
733.510 Investmentsof insurers; rules
733.520 Currentoperating requirements exempted
733.530 “Corporation,”“sovereign,” “political subdivision” defined
733.540 “Obligation”defined
733.550 “Amplysecured obligation” defined
733.560 “Unencumbered”defined
733.570 “Improvedreal property” defined
733.575 Prohibiteduse of funds as compensating balances
733.578 Conditionsnecessary for investments used to provide compensating balances
733.580 Investmentof required capitalization
733.590 Investmentin obligations of sovereign, political subdivision thereof or corporation
733.600 Investmentin mortgage loans
733.610 Investmentin real property
733.620 Investmentin stocks of corporation
733.630 Investmentin securities or obligations of certain corporations
733.635 Approvedactivities of corporations in which investments authorized
733.640 Lendingfunds; limitations on loans
733.650 Investmentof funds in certain obligations and other specified items
733.652 Investmentof funds of separate accounts
733.654 Limitationon amount of separate account investments; exceptions
733.656 Limitationon securities owned or controlled by separate account investments
733.658 Applicabilityof separate account investment limitations
733.670 Investmentof funds under “prudent investor” standard
733.680 Acquisitionand retention of personal property generally; purchases or loans for protectionof investment property
733.685 Investmentof funds by home protection insurer; rules
733.690 Investmentof funds in title plant
733.695 Investmentof funds in obligations that are not investment quality; rules
733.700 Investmentof funds in health care service facilities
733.710 Investmentsauthorized by prior law; date of eligibility of investment
733.720 Investmentssubject to additional limitations and requirements
733.730 Approvalby board of directors of investments and deposits
733.740 Recordof investments required
733.750 Disposalof investments on order of director
733.760 Insurancerequired on buildings on property which is security for loan
733.770 Limitationson investments in property of any one person or single parcel of real estate
733.780 Prohibitedinvestments
ACCOUNTING
733.010Assets allowed.In any determination of the financial condition of an insurer, there shall beallowed as assets only such assets as are owned by the insurer and whichconsist of:
(1)Cash in the possession or control of the insurer, including the true balance ofany deposit in a solvent bank or trust company.
(2)Investments held in accordance with the Insurance Code, and due or accruedincome items in connection therewith to the extent considered by the Directorof the Department of Consumer and Business Services to be collectible.
(3)Premium notes, policy loans, liens and other like policy assets on lifeinsurance policies and accrued interest thereon, in an amount not exceeding theloan value of the policy.
(4)Due premiums, deferred premiums, installment premiums, and written obligationstaken for premiums, to the extent allowed by the director.
(5)The amount recoverable from a reinsurer if credit for reinsurance may beallowed to the insurer under ORS 731.509 or 731.510 and amounts receivable onassumed reinsurance representing funds withheld by a solvent ceding insurerunder a reinsurance treaty.
(6)Deposits or equities recoverable from underwriting associations, syndicates andreinsurance funds, or from any suspended banking institution, to the extentdeemed by the director to be available for the payment of losses and claims.
(7)Other assets considered by the director to be available for the payment oflosses and claims, at values determined by the director. [1967 c.359 §208; 1971c.321 §18; 1979 c.818 §1; 1993 c.447 §69; 2001 c.318 §7]
733.020Assets not allowed.In addition to assets impliedly excluded by ORS 733.010, the followingexpressly shall not be allowed as assets in any determination of the financialcondition of an insurer:
(1)Advances to officers, other than policy loans, whether secured or not, andadvances to employees, agents and other persons on personal security only.
(2)Stock of such insurer owned by it, or any material equity therein or loanssecured thereby, or any material proportionate interest in such stock acquiredor held through the ownership by such insurer of an interest in another firm,corporation or business unit.
(3)Tangible personal property, except such property as the insurer is otherwisepermitted to acquire and retain as an investment under the Insurance Code andwhich is deemed by the Director of the Department of Consumer and BusinessServices to be available for the payment of losses and claims or which isotherwise expressly allowable, in whole or in part, as an asset.
(4)The amount, if any, by which the book value of any investment as carried in theledger assets of the insurer exceeds the value thereof as determined under theInsurance Code. [1967 c.359 §209; 2001 c.318 §8]
733.030Liabilities in general. In any determination of the financial condition ofan insurer, liabilities to be charged against its assets shall be calculated inaccordance with the Insurance Code and shall include:
(1)The amount necessary to pay all of its unpaid losses and claims incurred on orprior to the date of the statement, whether reported or unreported to theinsurer, together with the expenses of adjustment or settlement thereof.
(2)For insurance other than specified in subsections (3) and (4) of this section,the amount of reserves equal to the unearned portions of the gross premiumscharged on policies in force, calculated in accordance with the Insurance Code.
(3)For life insurance policies:
(a)Reserves on life insurance benefits, valued according to the tables ofmortality, rates of interest, and valuation methods applicable thereto whichare adopted pursuant to the Insurance Code.
(b)Reserves for disability benefits, for both active and disabled lives.
(c)Reserves for accidental death benefits.
(d)Any additional reserves considered to be necessary by the Director of theDepartment of Consumer and Business Services.
(4)For health insurance policies, the amount of reserves required pursuant to ORS733.080.
(5)Taxes, expenses and other obligations due or accrued at the date of thestatement.
(6)Any additional reserves for asset valuation contingencies or loss contingenciesrequired by the Insurance Code or considered to be necessary by the directorfor the protection of policyholders and stockholders of the insurer. [1967c.359 §210]
733.040Reinsurance credit.The Director of the Department of Consumer and Business Services shall disallowreinsurance as credit against the liabilities of a ceding insurer if creditagainst the liabilities of the ceding insurer is not allowed as a credit to theceding insurer under ORS 731.509 or 731.510. [1967 c.359 §211; 1993 c.447 §70]
733.050Increase of inadequate reserves. If the Director of the Department ofConsumer and Business Services determines that an insurer’s reserves, howevercalculated or estimated, are inadequate, the director shall require the insurerto maintain reserves in such additional amount as is needed to make themadequate. [1967 c.359 §212]
733.060Unearned premium reserve. (1) Every insurer shall maintain an unearnedpremium reserve on all policies in force.
(2)The Director of the Department of Consumer and Business Services may requirethat such reserves shall be equal to the unearned portions of the grosspremiums in force as calculated pro rata on each respective risk from thepolicy’s date of issue. In the absence of such requirement, the unearnedpremium reserve shall be equal to the pro rata unearned portions of the grosspremiums in force as calculated by an approximation method approved by thedirector. After adopting a method of computing such reserves, an insurer shallnot change methods without approval of the insurance supervisory official ofthe insurer’s domicile.
(3)This section does not apply to:
(a)Marine and transportation insurance on trip risks not terminated.
(b)Health insurance.
(c)Title insurance.
(d)Home protection insurance under policies issued by a home protection insurer.
733.070Unearned premium reserve for marine and transportation insurance trip risks. As to marineand transportation insurance, the entire amount of premiums on trip risks notterminated shall be deemed unearned. The Director of the Department of Consumerand Business Services may require the insurer to carry a reserve equal to 100percent of premiums on trip risks written during the month ended as of the dateof statement. [1967 c.359 §214]
