§ 20-516 – Reserve standards
20-516. Reserve standards An insurer shall maintain reserves that place a sound value on its liabilities under its policies, annuities and subscriber contracts. The reserves shall not be less than the amount, estimated and consistent with the provisions of this title, necessary to assure payment of the insurer’s unpaid policyholder and contract holder obligations, whether […]
§ 20-517 – Report of acquisitions and dispositions
20-517. Report of acquisitions and dispositions A. Each insurer that is domiciled in this state shall file with the director a report that discloses material acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements unless the insurer has submitted the acquisitions and dispositions of assets or material nonrenewals, cancellations […]
§ 20-518 – Acquisitions and dispositions of assets
20-518. Acquisitions and dispositions of assets A. An acquisition or disposition of assets that is not material does not have to be reported pursuant to section 20-517. B. Asset acquisitions that are subject to section 20-517 and this section include every purchase, lease, exchange, merger, consolidation, succession or other acquisition other than the construction or […]
§ 20-519 – Nonrenewals, cancellations or revisions of ceded reinsurance agreements
20-519. Nonrenewals, cancellations or revisions of ceded reinsurance agreements A. A nonrenewal, cancellation or revision of a ceded reinsurance agreement that is not material does not have to be reported pursuant to section 20-517. B. A report of a material nonrenewal, cancellation or revision of a ceded reinsurance agreement shall be reported, regardless of which […]
§ 20-508 – Reserves for disability insurance
20-508. Reserves for disability insurance For all disability insurance policies the insurer, in addition to claim reserves, shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and be not less than the amounts that are necessary to assure payment of its policyholder obligations including reserves for […]
§ 20-509 – Increase of inadequate reserves
20-509. Increase of inadequate reserves A. If the director determines that an insurer’s unearned premium reserve, however computed, is inadequate, the director may require the insurer to compute the reserve or any part of the reserve according to methods prescribed in this article. B. If the loss experience of an insurer shows that its loss […]
§ 20-510 – Standard valuation law; operative date; definitions
20-510. Standard valuation law; operative date; definitions A. This section may be cited as the standard valuation law. B. For the purposes of this section, the following definitions apply on or after the operative date of the valuation manual: 1. " Accident and health insurance" means contracts that incorporate morbidity risk and provide protection against […]
§ 20-511 – Valuation of bonds; limitation
20-511. Valuation of bonds; limitation A. All bonds or other evidences of debt having a fixed term and rate of interest and 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 […]
§ 20-512 – Valuation of other securities
20-512. Valuation of other securities A. Securities, other than those referred to in section 20-511, held by an insurer shall be valued, in the discretion of the director, at their market value, or at their appraised value, at prices determined by the director as representing their fair market value but shall not be valued in […]
§ 20-512.01 – Valuation of joint ventures, partnerships and limited liability companies
20-512.01. Valuation of joint ventures, partnerships and limited liability companies Joint ventures, partnerships and limited liability companies shall be valued based on the underlying equity reported in the entity’s financial statements pursuant to the accounting practices and procedures manual adopted by the national association of insurance commissioners.