23-70-114. Method of determining financial condition.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-70-114. Method of determining financial condition.

23-70-114. Method of determining financial condition. In determining the financial condition of a reciprocal insurer, the Insurance Commissioner shall apply the following rules: (1) He or she 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 ninety (90) days shall first be charged against the surplus deposit; (3) The surplus deposits of subscribers shall not be charged as a liability; (4) All premium deposits delinquent less than ninety (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 and without any deduction for expenses and the compensation of the attorney.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-70-114

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.