Kentucky Statutes 304.6-080 – Title insurance reserves
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In addition to an adequate reserve as to outstanding losses as required under KRS § 304.6-
040, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows:
(1) Ten percent (10%) of the total amount of the risk portion of premiums written in the calendar year for title insurance contracts shall be assigned originally to the reserve.
(2) During each of the twenty (20) years next following the year in which the title insurance contract was issued, the reserve applicable to the contract shall be reduced by five percent (5%) of the original amount of such reserve.
Effective: June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 6, sec. 8, effective June 18, 1970.
040, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows:
Terms Used In Kentucky Statutes 304.6-080
- Contract: A legal written agreement that becomes binding when signed.
- Year: means calendar year. See Kentucky Statutes 446.010
(1) Ten percent (10%) of the total amount of the risk portion of premiums written in the calendar year for title insurance contracts shall be assigned originally to the reserve.
(2) During each of the twenty (20) years next following the year in which the title insurance contract was issued, the reserve applicable to the contract shall be reduced by five percent (5%) of the original amount of such reserve.
Effective: June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 6, sec. 8, effective June 18, 1970.