Arizona Revised Statutes § 20-506 Unearned Premium Reserve

20-506. Unearned premium reserve

A. With reference to insurance against loss or damage to property, except as provided in section 20-507, and with reference to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force.

B. The director may require that the reserves be equal to the unearned portions of the gross premiums in force after deducting reinsurance in solvent insurers as computed on each respective risk from the policy's date of issue. The portions of the gross premiums in force, less reinsurance in solvent insurers to be held as a premium reserve, shall be computed according to the accounting practices and procedures manual adopted by the national association of insurance commissioners.

C. This section does not apply to title insurance.

Section: Previous  20-490.01  20-490.02  20-501  20-502  20-503  20-504  20-505  20-506  20-507  20-508  20-509  20-510  20-511  20-512  20-512.01  Next

Last modified: October 13, 2016