Minnesota § 71A.03 UNEARNED PREMIUM RESERVE

Minnesota Statutes

§ 71A.03 — UNEARNED PREMIUM RESERVE

Minnesota § 71A.03

PartINSURANCE

Ch. 71ARECIPROCALS OR INTERINSURANCE CONTRACTS

This text of Minnesota § 71A.03 (UNEARNED PREMIUM RESERVE) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 71A.03 (2026).

Text

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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.