58-25-22. Title insurance company to maintain reserve--Amount.
112 words·~1 min read·
/sd/title-58/chapter-58-25/58-25-22·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A title insurance company shall establish and maintain a statutory premium reserve of not less than an amount computed in accordance with this section. The statutory premium reserve shall consist of the aggregate of the statutory premium reserve on January 1, 2002, and:
(1)A sum equal to twenty - four cents for each one thousand dollars of net retained liability under each title insurance policy written for less than five hundred thousand dollars after January 1, 2002; and
(2)A sum equal to twelve cents for each one thousand dollars of net retained liability under each title insurance policy written for five hundred thousand dollars or greater after January 1, 2002.