As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned; and the commissioner shall require the insurer to carry a reserve equal to one hundred percent (100%) of premiums on trip risks written during the month ended as of the date of statement.
KRS 304.6-060
Unearned premium reserve for marine and transportation insurance
Known as the Standard Valuation Law
The act spans §§ 304.6-005 to 304.6-190 (30 sections).
Effective: July 15, 2010 History: Amended 2010 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.