§ 20-502 – Assets as deductions from liabilities
20-502. Assets as deductions from liabilities Assets may be allowed as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets, and deductions from assets may be charged as liabilities, in accordance with the form of annual statement applicable to such insurer as prescribed by the director, or otherwise in his discretion.
§ 20-503 – Assets not allowed as deductions from liabilities
20-503. Assets not allowed as deductions from liabilities In addition to assets impliedly excluded by section 20-501, the department shall not allow the following as assets in any determination of the financial condition of an insurer: 1. Advances to officers, other than policy loans, whether secured or not, and advances to employees, agents and other […]
§ 20-504 – Reporting assets not allowed
20-504. Reporting assets not allowed All assets not allowed and all other assets of doubtful value or character included as assets in any statement by an insurer to the director, or in any examiner’s report to him, shall also be reported, to the extent of the value disallowed, as deductions from the gross assets of […]
§ 20-505 – Liabilities
20-505. Liabilities In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: 1. The amount of its capital stock outstanding, if any. 2. The amount, estimated consistent with the provisions of this title, necessary to pay all of its unpaid losses and claims […]
§ 20-506 – Unearned premium reserve
20-506. Unearned premium reserve A. With reference to insurance against loss or damage to property, except as provided in section 20-507, and with reference to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force. B. The director may require that the reserves be equal […]
§ 20-507 – Unearned premium reserve for marine insurance
20-507. Unearned premium reserve for marine insurance With reference to marine insurance, premiums on trip risks not terminated shall be deemed unearned, and the director may require the insurer to carry a reserve thereon equal to one hundred per cent on trip risks written during the month ended as of the date of statement.
§ 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 […]