As to property, casualty, vehicle and surety insurance, and marine and transportation insurance other than as provided in Section 59A-8-10 NMSA 1978, the insurer shall maintain as a liability an unearned premium reserve on policies in force computed as follows: fifty percent of the gross premium in force on policies having one year or less to run and pro rata on those for longer periods, or pro rata for all premiums in force.
History: Laws 1984, ch. 127, § 126; 1997, ch. 121, § 4.
ANNOTATIONSThe 1997 amendment, effective June 20, 1997, substituted "Section 59A-8-10 NMSA 1978" for "Section 127 of this article" and deleted the second sentence, which read: "As to surety risks the minimum unearned premium reserve shall be the aggregate of the net premiums for the entire term instead of the unexpired portion thereof".