In addition to an adequate reserve as to outstanding losses as required under Code Section 33-10-5, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows:
(1) Ten percent of the total amount of the risk premiums hereafter written in the calendar year for title insurance contracts shall be assigned originally to the reserve; and
(2) During each of the 20 years next following the year in which the title insurance contract was issued, the reserve applicable to the contract may be reduced by 5 percent of the original amount of the reserve.
Section: Previous 33-10-3 33-10-4 33-10-5 33-10-6 33-10-7 33-10-8 33-10-9 33-10-10 33-10-11 33-10-12 33-10-13 33-10-14 33-10-15 33-10-16 33-10-17 NextLast modified: October 14, 2016