Plan to establish loss reserves — plan to establish surplus account, amount.

376.1017. Plan to establish loss reserves — plan to establish surplus account, amount. — 1. A plan shall establish loss reserves for all incurred losses, both reported and unreported, and for unearned premiums. 2. A plan also shall establish a surplus account equal to the greater of the following: (1) Three times the average paid monthly premium during the plan's most recent fund year; (2) For plans which do not yet have one fund year's experience, three times estimated monthly premium; or (3) Six hundred thousand dollars. (L. 1993 H.B. 709 § 29)