1998 Minnesota Statutes

     68A.02 Unearned premium reserve.  

    Upon issuance of each contract of title insurance issued on 
 or after January 1, 1964, by a domestic real estate title 
 insurance company, there shall be reserved initially a sum equal 
 to ten percent of the original premium charged therefor.  At the 
 end of each calendar year following the year in which the 
 contract of title insurance is issued, there shall be a 
 reduction in the sum so reserved in the amount of one-twentieth 
 of such sum.  On any contract of title insurance issued prior to 
 January 1, 1964, by a domestic real estate title insurance 
 company, a reserve shall be set up on January 1, 1964, and 
 thereafter maintained in such sum as would have been required if 
 the foregoing requirements with respect to title insurance 
 reserves had existed at and after the date of the contract of 
 title insurance.  Such sums herein required to be reserved shall 
 at all times and for all purposes be considered and constitute 
 unearned portions of the original premiums on such contracts of 
 title insurance, shall be charged as a reserve liability of the 
 real estate title insurance company in determining its financial 
 condition, and, for the purpose of applying the provisions of 
 section 60A.23, subdivision 4, shall be deemed to constitute the 
 whole amount of the premiums on the unexpired risks of such real 
 estate title insurance company.  

    HIST: 1967 c 395 art 9 s 2