In estimating the profit of any such company for the purpose of making a division thereof between the guaranty surplus fund and the special reserve fund, until these funds shall together amount to a sum equal to the capital stock of the company or amount to the sum of $2,000,000, there shall be deducted from the gross assets of the company, including for this purpose the amount of the special reserve fund, the sum of the following items:
(1) the amount of all outstanding claims;
(2) an amount sufficient to meet the liability of the company for the unearned premiums upon its unexpired policies, which amount shall at least equal one-half the premiums received on policies having one year or less to run from the date of policy, and a pro rata proportion of the premiums received on the policies having more than one year to run from the date of policy, and shall be known as the reinsurance liability;
(3) the amount of its guaranty surplus fund and of its special reserve fund;
(4) the amount of the capital of the company; and
(5) interest at the rate of eight percent per annum upon the amount of capital, and six percent per annum upon the amount of the said funds for whatever time shall have elapsed since the last preceding cash dividend. The balance shall constitute the net surplus of the company, any portion of which is subject to an equal division between these funds, as herein provided.
1967 c 395 art 6 s 20
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 65A — Fire And Related Insurance
Section 65A.01 — Minnesota Standard Fire Insurance Policy.
Section 65A.02 — Joint Policy.
Section 65A.03 — Binders, Temporary Insurance.
Section 65A.04 — Effect On Section 65a.08.
Section 65A.05 — Nuclear Reaction, Radiation Or Radioactive Contamination; Endorsement.
Section 65A.06 — Motor Vehicle, Ocean And Inland Marine Policies.
Section 65A.061 — Creditors Limited To Existing Insurance.
Section 65A.07 — Cancellation Of Fire Policy.
Section 65A.08 — Special Provisions.
Section 65A.09 — Insurance In Excess Of Replacement Cost.
Section 65A.11 — Payment To Mortgagee.
Section 65A.12 — Waiver Of Right To Appraisal.
Section 65A.13 — Liability Of Company.
Section 65A.14 — Person Who Procures An Application Agent Of Issuing Company.
Section 65A.16 — Guaranty Surplus And Special Reserve Fund.
Section 65A.17 — Action Of Stockholders Filed With Commissioner.
Section 65A.18 — Dividends Declared Out Of Surplus Profits.
Section 65A.20 — Items Considered In Estimating Profit.
Section 65A.21 — Investment Of Guaranty Surplus.
Section 65A.22 — Investment Of Special Reserve Fund.
Section 65A.23 — When Claims Exceed Guaranty Surplus And Capital Stock.
Section 65A.24 — Stockholders To Make Up Impairment.
Section 65A.26 — Hail Insurance, Policies, Loss Adjustment.
Section 65A.28 — Disclosure And Filing Requirements.
Section 65A.285 — Surcharge Prohibition.
Section 65A.29 — Cancellation; Nonrenewal; Refusal To Write.
Section 65A.295 — Homeowner's Insurance Coverage.
Section 65A.296 — Proof Of Loss.
Section 65A.30 — Day Care Services; Coverage.
Section 65A.301 — Adult Foster Care Services; Coverage.
Section 65A.302 — Flood Insurance Coverage; Disclosure Of Noncoverage.
Section 65A.31 — Minnesota Fair Plan Act.
Section 65A.34 — Plan Coverage.
Section 65A.35 — Administration.
Section 65A.36 — Underwriting.
Section 65A.37 — Policy Forms.
Section 65A.38 — Policy Cancellation.
Section 65A.40 — Education Programs.
Section 65A.42 — Immunity From Liability.
Section 65A.45 — Residential Renter's Insurance Policy.
Section 65A.50 — Trust Or Escrow Accounts; Insured Real Property Fire Or Explosion Loss Proceeds.