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A. Advance assessments received by mutual assessment property and casualty insurers shall be considered premiums and, except as provided in subsection B of this section, shall be subject to the requirement of an unearned premium reserve computed in accordance with § 38.2-1312 . The reserves may be reduced for applicable reinsurance in accordance with the provisions of Article 3.1 (§ 38.2-1312 et seq.) of Chapter 13 of this title. B. The amount each insurer shall maintain in reserves for unearned premium reserves shall be as follows: 1. For calendar year 1987, at least ten percent of the unearned premium reserve as calculated in subsection A of this section; and 2. For each subsequent year, at least an additional ten percent as calculated in subsection A for that subsequent year in order that the full amount of unearned premium reserves shall be established by December 31, 1996. 1986, c. 562; 1994, c. 38.2-1312 .
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