692A.150 - Reserve against unpaid losses and loss expenses. - Nevada Statutes

692A.150  Reserve against unpaid losses and loss expenses.

      1.  Each domestic title insurer shall establish and at all times maintain a reserve against:

      (a) Unpaid losses; and

      (b) Loss expenses,

Ê and shall calculate the reserves by making a careful estimate in each case of the loss and loss expense likely to be incurred by reason of each claim presented upon receiving notice from or on behalf of the insured of a title defect in or lien or adverse claim against the title of the insured which may result in a loss or cause expense to be incurred for the proper disposition of the claim.

      2.  Reserves required by this section may be revised from time to time and shall be redetermined at least once each year.

      3.  Amounts set aside in reserves in any year shall be deducted in determining the net profit of the year of the insurer.

      (Added to NRS by 1977, 981)