§ 27-17-7 - Reinsurance reserve. - Rhode Island Statutes

SECTION 27-17-7

   § 27-17-7  Reinsurance reserve. – There shall be maintained at all times by the exchange a reinsurance reserve incash or securities authorized by the laws of the state in which the principaloffice of the attorney is located for the investment of similar funds ofinsurance companies doing the same kind of business, in an amount equal tofifty percent (50%) of the net annual premium deposits collected and creditedto the accounts of subscribers on policies having one year or less to run andpro rata on those for longer periods or, in lieu of this amount, one hundredpercent (100%) of the net unearned premium deposits collected and credited tothe accounts of subscribers calculated separately for each policy in force asof any given date.