Missouri Laws 376.1017 – Plan to establish loss reserves — plan to establish surplus account, amount
Current as of: 2023 | Check for updates
|
Other versions
1. A plan shall establish loss reserves for all incurred losses, both reported and unreported, and for unearned premiums.
2. A plan also shall establish a surplus account equal to the greater of the following:
Terms Used In Missouri Laws 376.1017
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
(1) Three times the average paid monthly premium during the plan’s most recent fund year;
(2) For plans which do not yet have one fund year’s experience, three times estimated monthly premium; or
(3) Six hundred thousand dollars.