In determining the financial condition of a reciprocal insurer, the Commissioner shall apply the following rules:
(1) He shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis;
(2) The surplus deposits of subscribers shall be allowed as assets, except that any premium deposits delinquent for 90 days shall first be charged against such surplus deposit;
(3) The surplus deposits of subscribers shall 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 shall not be allowed as an asset;
(6) The contingent liability of subscribers shall not be allowed as an asset; and
(7) The computation of reserves shall be based upon premium deposits other than membership fees without any deduction for expenses and the compensation of the attorney.
Section: Previous 33-17-14 33-17-15 33-17-16 33-17-17 33-17-18 33-17-19 33-17-20 33-17-21 33-17-22 33-17-23 33-17-24 33-17-25 33-17-26 33-17-27 33-17-28 NextLast modified: October 14, 2016