§ 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 […]
§ 20-516 – 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 […]
§ 20-502 – 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.