Montana Statutes
§ 33-4-406 — Reserves -- Cash Premium Plan
33-4-406 . Reserves -- cash premium plan. Each insurer transacting business on the cash premium plan shall maintain the following reserves:
(1)a loss reserve, in amount reasonably adequate to pay in full all losses already incurred but currently unpaid. The amount subsequently paid on such losses shall be credited against this reserve.
(2)a reserve for unearned premiums, which reserve shall be computed at 50% of net premiums (gross premiums less premiums returned) charged and collected for unexpired policy periods that commenced during the calendar year covered by the financial statement plus 100% of such net premiums charged and collected in advance for policy periods that are to commence after such calendar year. In the alternative, the insurer may at its option compute its entire rese
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Legislative History
En. Sec. 505, Ch. 286, L. 1959; R.C.M. 1947, 40-4838.
Nearby Sections
15
§ 33-4-102
Definitions§ 33-4-103
Corporate Powers In General§ 33-4-201
Eligible Incorporators§ 33-4-205
Certified Copies Of Articles As Evidence§ 33-4-206
Initial Qualifications§ 33-4-301
Bylaws -- Adoption -- Power To Amend§ 33-4-302
Bylaws -- Contents§ 33-4-303
Bylaws Binding Upon Members§ 33-4-304
Annual Meetings Of Members -- Where Held§ 33-4-306
Adjourned Annual Meetings -- Notice