2000 Minnesota Statutes

     68A.02 Unearned premium reserve. 

    Upon issuance of each contract of title insurance issued on 
 or after January 1, 1964, through January 1, 2001, 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; 2000 c 350 s 13