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§ 83-15-9. Reserve for unearned premiums and reinsurance

MS Code § 83-15-9 (2019) (N/A)
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(a) An amount equal to the unearned premium reserve previously required to be held pursuant to Section 83-15-9 as of March 4, 1977;

(b) The amount of all additions required to be made to such reserve by this section; and less

(c) The withdrawals from such reserve as required by this section.

On the last day of each month after March 4, 1977, each corporation shall add to its unearned premium reserve, with respect to each title insurance policy or contract or reinsurance agreement issued by it, a sum equal to ten percent (10%) of all premiums received during such month. The amounts set aside as additions to such unearned premium reserve shall be deducted in determining the net income of the corporation. Upon the expiration of one hundred eighty (180) months after the month of the issuance of each title insurance policy, contract or reinsurance agreement that portion of the assets of the unearned premium reserve attributable to said title insurance policy, contract or reinsurance agreement shall be released and withdrawn from said reserve, shall no longer constitute part of said reserve, shall be included in the income of the corporation, and may then be used by the corporation for any lawful corporate purposes.

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§ 83-15-7. Reserve for losses
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§ 83-15-11. State and political subdivisions may secure title insurance