33-2-515. Loss reserves for liability insurance and workers' compensation. Where required in the form of annual statement required of the insurer, the reserve for outstanding losses under insurance against loss or damage from accident to or injuries suffered by an employee or other person and for which the insured is liable shall be computed as follows:
     (1) For all liability suits being defended under policies written more than:
     (a) 10 years prior to the date as of which the statement is made, $1,500 for each suit;
     (b) 5 or more and less than 10 years prior to the date as of which the statement is made, $1,000 for each suit;
     (c) 3 or more and less than 5 years prior to the date as of which the statement is made, $850 for each suit.
     (2) For all liability policies written during the 3 years immediately preceding the date as of which the statement is made, the reserve shall be 60% of the earned liability premiums of each of such 3 years less all losses and expense payments made under liability policies written in the corresponding years. In any event, such reserve shall for the first of such 3 years be not less than $750 for each outstanding liability suit on such year's policies.
     (3) For all workers' compensation claims under policies written more than 3 years prior to the date as of which the statement is made, the reserve shall be the present value at 4% interest of the determined and the estimated future payments.
     (4) For all workers' compensation claims under policies written in the 3 years immediately preceding the date as of which the statement is made, such reserve shall be 65% of the earned compensation premiums of each of such 3 years less all loss and loss expense payments made in connection with such claims under policies written in the corresponding years. But in any event in the case of the first year of any such 3-year period, such reserve shall be not less than the present value at 4% interest of the determined and the estimated unpaid compensation claims under policies written during such year.

     History: En. Sec. 89, Ch. 286, L. 1959; R.C.M. 1947, 40-3008.