The director shall distribute monies annually from the Uninsured Motorists Fund among the several insurers writing motor vehicle bodily injury and property damage liability insurance on motor vehicles registered in this State. Monies must be distributed in the proportion that each insurer's premium income for the basic uninsured motorists limits coverage bears to the total premium income for basic uninsured motorists limits coverage written in this State during the preceding year. Premium income must be gross premiums less cancellation and return premiums for coverage required by Section 38-77-150. Only insurers that maintain records satisfactory to the director shall receive any payment from the Uninsured Motorists Fund. Records must be considered satisfactory if they adequately disclose the loss experience for the coverage.