Section 58-26-35 - Maintaining a reserve for outstanding losses under credit insurance policies.
58-26-35. Maintaining a reserve for outstanding losses under credit insurance policies. An insurer shall maintain a reserve for outstanding losses under credit insurance policies in accordance with the Annual Statement Instructions Manual prescribed by the National Association of Insurance Commissioners as adopted by rule by the director pursuant to chapter 1-26. But in any event, the reserve may not be less than the determined and estimated unpaid claims on all policies.
Source: SL 1966, ch 111, ch 5, § 8 (1); SL 1995, ch 284, § 46.