58-25-25. Adjusted reserves restored to net profits or equity.
123 words·~1 min read·
/sd/title-58/chapter-58-25/58-25-25·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The aggregate of the amounts set aside in this reserve in any calendar year as adjustments to the insurer's statutory or unearned premium reserve pursuant to § 58-25-24 shall be released from the reserve and restored to net profits, or equity if the additions required by § 58-25-24 reduced equity directly, over a period not exceeding ten years pursuant to the following table:
Year of Addition
Release
Year 1
Equally over ten years
Year 2
Equally over nine years
Year 3
Equally over eight years
Year 4
Equally over seven years
Year 5
Equally over six years
Year 6
Equally over five years
For purposes of this section, year is the calendar year following the year of first application of § 58-25-22 .