Section 58-5-140 - Distributive share of each member on liquidation of mutual insurer--Classificationof policies.
58-5-140. Distributive share of each member on liquidation of mutual insurer--Classification of policies. The distributive share of each such member shall be in the proportion that the aggregate premiums earned by the insurer on the policies of the member during the combined periods of his membership bear to the aggregate of all premiums so earned on the policies of all such members. The insurer may, and if a life insurer shall, make a reasonable classification of its policies so held by such member and a formula based upon such classification, for determining the equitable distributive share of each such member. Such classification and formula shall be subject to the approval of the director of the Division of Insurance.
Source: SL 1966, ch 111, ch 16, § 42 (2).