Plan to establish loss reserves — plan to establish surplus account, amount

376.1017. Plan to establish loss reserves — plan to establish surplus account, amount. — 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:

(1) Six hundred thousand dollars; or

(2) An amount equal to two times the authorized control level risk-based capital, as that term is defined in section 375.1250.

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(L. 1993 H.B. 709 § 29, A.L. 2026 H.B. 2372 merged with H.B. 2596)

Severability clause, see § 376.1241