§3865. Financial conditions; method of determining
In determining the financial condition of a reciprocal insurer the superintendent shall apply the following rules: [1973, c. 585, §12 (AMD).]
1. He shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies
on a reserve basis.
[
1969, c. 132, §1 (NEW)
.]
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.
[
1969, c. 132, §1 (NEW)
.]
3. The surplus deposits of subscribers shall not be charged as a liability.
[
1969, c. 132, §1 (NEW)
.]
4. All premium deposits delinquent less than 90 days shall be allowed as assets.
[
1969, c. 132, §1 (NEW)
.]
5. An assessment levied upon subscribers, and not collected, shall not be allowed as an asset.
[
1969, c. 132, §1 (NEW)
.]
6. The contingent liability of subscribers shall not be allowed as an asset.
[
1969, c. 132, §1 (NEW)
.]
7. The computation of reserves shall be based upon premium deposits other than membership fees and without any deduction for
expenses and the compensation of the attorney.
[
1969, c. 132, §1 (NEW)
.]
SECTION HISTORY
1969, c. 132, §1 (NEW).
1973, c. 585, §12 (AMD).
Data for this page extracted on 11/09/2009 11:20:25.