1.Principles; admitted assets. In evaluating the financial condition of an insurer, the superintendent shall determine which assets may be recognized as
admitted assets and shall value the insurer's admitted assets and the insurer's liabilities:
A. In accordance with recognized statutory accounting principles as codified by the National Association of Insurance Commissioners
or its successor organization and reflected in the association's accounting practices and procedures manual and valuation
of securities manual and their successor publications; and [2001, c. 524, §1 (NEW).]
B. In accordance with any additional accounting practices permitted by the superintendent upon the request of the insurer. [2001, c. 524, §1 (NEW).]
[
2001, c. 524, §1 (RPR)
.]
2.Reserve required. If the superintendent finds, in view of the character of investments held by a domestic insurer, that it would be prudent
for the insurer to establish a special reserve for possible losses or fluctuations in the value of its investments, including
realty holdings acquired by mortgage loan default, the superintendent may permit or require the insurer to establish such
a reserve, reasonable in amount, and may require that the reserve be maintained and reported in any statement or report of
the financial condition of the insurer.
[
2001, c. 72, §7 (NEW)
.]
3.Rules. The superintendent may adopt rules to implement the purposes of this section. Rules adopted pursuant to this subsection
are routine technical rules as defined in Title 5, chapter 375, subchapter II-A.
[
2001, c. 72, §7 (NEW)
.]
SECTION HISTORY
2001, c. 72, §7 (NEW).
2001, c. 524, §1 (AMD).
Data for this page extracted on 11/09/2009 11:20:25.