Every association organized and operating under the provisions of this chapter, except county mutual assessment associations, reinsurance associations for county mutual associations, and associations operating on a post loss basis and not charging any advance assessments or premiums, shall hold as reserve for unearned premiums or assessments an amount equal to at least forty percent of the aggregate gross premiums or assessments in force, on all policies or contracts running one year or less, less deductions for reinsurance in force in authorized companies or associations. On all policies or contracts running more than one year, there shall be maintained such a reserve in an amount equal to at least forty percent of the amount of the aggregate gross premiums in force for any current year and one hundred percent of the amount of the aggregate gross premiums in force for each succeeding year of said terms, less deductions for reinsurance in authorized companies or associations.
[C39, § 9042.1; C46, 50, 54, 58, 62, § 518.15; C66, 71, 73, 75, 77, 79, 81, § 518A.15]
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