Computation of reserved liability

(1) Every company shall, in respect of its outstanding unexpired policies, include among the liabilities provided in its annual statement deposited with the Supervisor reserves not less than eighty percent, of the unearned premiums computed pro rata per mensem as at the date of the statement. (2) For the purpose of this section, “premium” means in relation to a class of insurance business such premium as may be prescribed as being the net premium in relation to that class. 156