TITLE 33 INSURANCE

Section 10. Assets and Liabilities, 33-10-1 through 33-10-17.

ARTICLE 2 UNFAIR CLAIMS SETTLEMENT PRACTICES

33-10-10. Required reserves - Title insurance.

In addition to an adequate reserve as to outstanding losses as required under Code Section 33-10-5, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows:

1. Ten percent of the total amount of the risk premiums hereafter written in the calendar year for title insurance contracts shall be assigned originally to the reserve; and
2. During each of the 20 years next following the year in which the title insurance contract was issued, the reserve applicable to the contract may be reduced by 5 percent of the original amount of the reserve.

(Code 1933, § 56-911, enacted by Ga. L. 1960, p. 289, § 1.)