New Hampshire Revised Statutes 416-A:11 – Reserve for Unpaid Losses and Loss Expense
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I. Each title insurance company, in addition to other reserves, shall at all times establish and maintain reserves against unpaid losses, and against loss expense, and shall calculate such reserves by making a careful estimate in each case of the loss and loss expense likely to be incurred, by reason of every claim presented, pursuant to notice from or on behalf of the policyholder, of a title defect in or lien or adverse claim against the title insured, that may result in a loss or cause expense to be incurred for the proper disposition of the claim. The sums of the items so estimated shall be the total amounts of the reserves against unpaid losses and loss expenses of such title insurance company.
II. The amounts so estimated may be revised from time to time as circumstances warrant, but shall be redetermined at least once each year.
III. The amounts set aside in such reserves in any year shall be deducted in determining the net profits for such year of any title insurance company.
II. The amounts so estimated may be revised from time to time as circumstances warrant, but shall be redetermined at least once each year.
Terms Used In New Hampshire Revised Statutes 416-A:11
- Lien: A claim against real or personal property in satisfaction of a debt.
- Title insurance: means insuring, guaranteeing, or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, defects in, or the unmarketability of the title to said property. See New Hampshire Revised Statutes 416-A:2
- Title insurance company: means any domestic company organized under the provisions of this chapter for the purpose of insuring titles to real property; any title insurance company organized under the laws of another state or foreign nation and licensed to insure titles to real estate within this state; and any domestic, foreign, or alien company having the power and authorized to insure titles to real estate within this state and which meets the requirements of this chapter. See New Hampshire Revised Statutes 416-A:2
III. The amounts set aside in such reserves in any year shall be deducted in determining the net profits for such year of any title insurance company.