83-15-7 - Reserve for losses.
§ 83-15-7. Reserve for losses.
A corporation created as provided in this chapter shall establish and maintain a reserve for losses in an amount which shall be not less than (1) ten per cent (10%) of the amount of all premiums received by the corporation on and after January 1, 1952, or (2) fifty thousand dollars ($50,000.00) whichever is the lesser.
Sources: Codes, 1892, § 2336; 1906, §§ 2588-2590; Hemingway's 1917, §§ 5052-5054; 1930, § 5164; 1942, § 5671; Laws, 1952, ch. 297; Laws, 1958, ch. 441 (approved February 7, 1958).