Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
71A.03 UNEARNED PREMIUM RESERVE.
Subdivision 1. How calculated. There shall at all times be maintained as a reserve a sum,
in cash or convertible securities, equal to 50 percent of the net annual deposits collected and
credited to the accounts of the subscriber on policies in force having one year or less to run
and pro rata on those for longer periods. Net annual deposits shall be construed to mean the
advance payments of subscribers after deducting therefrom the amounts specifically provided
in the subscribers' agreements for expenses.
Subd. 2. Minimum reserve. These sums shall at no time be less than $25,000 and, if at
any time, 50 percent of the deposits, so collected and credited, shall not equal that amount,
the subscribers shall make up any deficiency.
History: 1967 c 395 art 11 s 3
Subdivision 1. How calculated. There shall at all times be maintained as a reserve a sum,
in cash or convertible securities, equal to 50 percent of the net annual deposits collected and
credited to the accounts of the subscriber on policies in force having one year or less to run
and pro rata on those for longer periods. Net annual deposits shall be construed to mean the
advance payments of subscribers after deducting therefrom the amounts specifically provided
in the subscribers' agreements for expenses.
Subd. 2. Minimum reserve. These sums shall at no time be less than $25,000 and, if at
any time, 50 percent of the deposits, so collected and credited, shall not equal that amount,
the subscribers shall make up any deficiency.
History: 1967 c 395 art 11 s 3
Official Publication of the State of Minnesota
Revisor of Statutes