§ 520. Commissioner’s additional authority to take corrective action
(a) For the purposes of making a determination of an insurer’s financial condition under section 519, the Commissioner may: (1) disregard any credit or amount receivable resulting from transactions with a reinsurer that is insolvent, impaired or otherwise subject to a delinquency proceeding; (2) make appropriate adjustments including disallowance to asset values attributable to investments […]
§ 521. Review and appeal of Commissioner’s order
An insurer subject to an order issued under subsection 520(b) may request a hearing to review the order in accordance with the procedures set forth in chapter 7 of this title.
§ 515. Valuation of bonds
(a) All bonds or other evidences of debt having a fixed term and rate held by any insurer may, if amply secured and not in default as to principal or interest, be valued as follows: (1) if purchased at par, at the par value; (2) if purchased above or below par, on the basis of […]
§ 516. Valuation of securities
(a) Securities, other than those referred to in section 515 of this title, held by an insurer shall be valued, in the discretion of the Commissioner, at their market value, or at their appraised value, or at prices determined by him as representing their fair market value, all consistent with any current method for the […]
§ 517. Valuation of property
(a) Real property acquired pursuant to a mortgage loan or a contract for a deed, in the absence of a recent appraisal deemed by the Commissioner to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with […]
§ 518. Valuation of purchase money mortgages
Purchase money mortgages shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90 percent of the fair value of such real property, whichever is less.
§ 519. Standards for determining whether insurer is in hazardous financial condition
The Commissioner may consider the following standards, either singly or as a combination of two or more, to determine whether the continued operation of any insurer transacting an insurance business in this Territory may be hazardous to its policyholders, creditors or the public: (1) Adverse findings reported in financial condition and market conduct examination reports, […]
§ 510. Unallocated liability loss expense
(a) All unallocated liability loss expense payments shall be distributed as follows: (1) if made in a given calendar year subsequent to the first four years in which an insurer has been issuing liability policies, 35 percent shall be charged to the policies written that year, 40 percent to the policies written in the preceding […]
§ 511. Schedule of experience
Any insurer transacting liability insurance shall include in its annual statement filed with the Commissioner, a schedule of its experience thereunder in such form as the Commissioner may prescribe.
§ 512. Loss payments, loss expense defined
“Loss payments” and “loss expense payments” as used with reference to liability insurance shall include all payments to claimants, payments for medical and surgical attendance, legal expense, salaries and expenses of investigators, adjusters and claims field men, rents, stationery, telegraph and telephone charges, postage, salaries and expenses of office employees, home office expenses and all […]