§ 90. Dividends. Policyholders insured in the state insurance fund may
be divided into such groups as shall be equitable for the purpose of
accounting and declaration of dividends but for the purpose of paying
compensation the state fund shall be deemed one and indivisible.
Separate accounts shall be kept of income and of losses and expenses
incurred, including contributions to catastrophe surplus and reserves
adequate to meet anticipated losses and carry all claims to maturity,
for each such group. If such accounting shows a balance remaining to the
credit of the group at the close of any policy period, which shall be
deemed to be safely and properly so applied, there may be credited or
paid to each individual member of such group such proportion of such
balance as the amount of his earned premium sustains to the total earned
premium of the group for the period for which the accounting is made. If
any member who has withdrawn from the group would otherwise have been
entitled to such a dividend, the same may be credited or paid to him.