(1) As to insurance against loss or damage to property (except as provided in section 41-607[, Idaho Code]), and as to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force.
(2) The director may require that such reserves shall be equal to the unearned portions of the gross premiums in force after deducting applicable reinsurance in solvent insurers as computed on each respective risk from the policy’s date of issue. If the director does not so require, the portions of the gross premium in force, less applicable reinsurance in solvent insurers, to be held as an unearned premium reserve, shall be computed according to the following table:
(3) In lieu of computation according to the foregoing table, the insurer at its option may compute all of such reserves on a monthly or more frequent pro rata basis.
(4) After adopting a method for computing such reserve, an insurer shall not change methods without approval of the insurance supervisory official of the insurer’s domicile.
(5) This section does not apply to title insurance.
1 year or less
½
2 years
1st year
¾
2nd year
¼
3 years
1st year
5/6
2nd year
½
3rd year
1/6
4 years
1st year
7/8
2nd year
5/8
3rd year
3/8
4th year
1/8
5 years
1st year
9/10
2nd year
7/10
3rd year
½
4th year
3/10
5th year
1/10
Over 5 years
pro rata