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1988 1989 1990
Bonds 20.7% 24.3% 26.1%
Mortgage loans 53.0 52.7 55.2
Real estate 2.2 2.8 2.9
Cash 12.3 8.7 5.1
Policy loans 9.4 8.8 5.8
Stocks 0.7 0.7 2.6
Other assets and
rounding discrepancies 1.7 2.0 2.3
Total 100.0 100.0 100.0
Washington State law requires a foreign insurance company to
maintain trusteed assets (equal to the excess of assets over
general account liabilities) of at least $2 million. Wash. Rev.
Code Ann. sec. 48.05.340(1) (West Supp. 1990). For 1988, 1989,
and 1990, petitioner's Form 1A listed its U.S. branch as having
an excess of admissible assets over liabilities in the amounts of
$15,422,162, $19,016,749, and $19,363,533, respectively.
Petitioner's ratio of excess mean assets to mean total
liabilities are as follows:
1988 1989 1990
U.S. branch 7.70% 9.41% 9.79%
Total company 7.56 8.21 8.38
For each year at issue, a life insurance company
incorporated under the laws of the State of Washington would have
been in compliance with minimum capital and surplus requirements
if it had owned the same assets and incurred the same liabilities
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Last modified: May 25, 2011