Sec. 21.75.150. Determination of financial condition.

153 words·~1 min read·/ak/title-21/chapter-75/21-75-150

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In determining the financial condition of a reciprocal insurer the director shall apply the following rules:

(1)the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis shall be charged as liabilities;

(2)the surplus deposits of subscribers shall be allowed as assets, except the premium deposits delinquent for 90 days shall first be charged against the surplus deposit;

(3)the surplus deposits of subscribers may not be charged as a liability;

(4)all premium deposits delinquent less than 90 days shall be allowed as assets;

(5)an assessment levied upon subscribers, and not collected, may not be allowed as an asset;

(6)the contingent liability of subscribers may not be allowed as an asset;

(7)the computation of reserves shall be based upon premium deposits other than membership fees and without deductions for expenses and the compensation of the attorney-in-fact.